Oil prices fall after Trump's statements - Uncertainty in the Middle East keeps markets anxious
Oil fell more than 3% on Wednesday, reversing earlier gains, as continued instability in the Middle East unsettled markets even amid reports that the US-Israeli war with Iran may be nearing an end.
The Brent crude futures contract fell $3.33 to $100.64 a barrel, while the West Texas Intermediate crude futures contract fell $3.34 to $98.04 a barrel.
President Donald Trump told reporters that the US could end the military campaign within two to three weeks and that Iran does not need to make a deal to end the conflict, his clearest statement yet that he wants to end the month-long war.
However, even if the conflict ends, damage to infrastructure is likely to keep supplies tight, analysts say. Oil prices will depend on how quickly supply chains normalize thereafter, they say.
"Even if tension, transport costs and insurance begin to decrease, tanker movement will take time to return to normal," analysts add, adding that the actual damage to oil infrastructure can only be assessed later.
OPEC oil production fell by 7.3 million barrels per day in March compared with the previous month, showing the impact of forced export cuts due to the closure of the Strait of Hormuz.
Meanwhile, U.S. crude oil production fell at the fastest pace in two years in January after a severe winter storm disrupted production in large parts of the country, data from the Energy Information Administration showed on Tuesday.
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