Brent crude oil dropped by $1.49 to settle at $108.29 per barrel, while West Texas Intermediate (WTI) crude fell by $1.43, closing at $100.82 per barrel.
Analysts attribute the downturn partly to statements from U.S. President Donald Trump, who has recently made remarks regarding the ongoing conflict involving Iran. His comments have fueled expectations that diplomatic efforts could accelerate toward a peace agreement.
On Tuesday, Trump expressed optimism that a swift resolution and potential peace deal with Iran could be achieved, easing tensions in the region. Market observers say such signals have reduced immediate risk premiums in crude oil pricing.
Energy markets remain sensitive to developments in the Middle East, with traders closely monitoring political rhetoric and its potential impact on supply stability.
