Oil prices fall after Trump declared war could be over very soon

By 4:10 GMT, future crude oil contracts Brant fell by 0.1 percent to $110.40 per barrel, while American oil West Texas Intermedia suffered a 0.2 percent drop, dropping $13.48 per barrel.

LSEG Senior Oil Research Analyst Namel Jamil told Reuters that the market is reacting to the possibility of a geopolitical agreement and developments.

According to him, even if an agreement is reached, prices can remain high, as oil supply is not expected to return immediately to pre-conflict levels.

A day earlier, oil markets had dropped by nearly $1 per barrel after US Vice President JD Vance said the US and Iran had made progress in the talks.