Oil prices declined on Wednesday after rising for three consecutive sessions, as investors closely monitored developments surrounding the fragile ceasefire in the Iran war, while U.S. President Donald Trump traveled to China for a crucial summit with President Xi Jinping.
Brent crude futures fell by 82 cents, or 0.76%, to $106.95 per barrel by 00:51 GMT, while U.S. West Texas Intermediate crude futures dropped by 66 cents, or 0.65%, to $101.52 per barrel.
Both benchmark crude contracts have hovered near or above $100 per barrel since the United States and Israel launched attacks on Iran in late February, and Tehran effectively closed the Strait of Hormuz.
Oil prices rose by more than 3% on Tuesday, extending earlier gains as hopes for a lasting ceasefire between the United States and Iran diminished, weakening expectations for the reopening of the strategic waterway, through which roughly one-fifth of the world’s oil and liquefied natural gas supplies normally pass.
Reuters
