Brent crude drops to 100 dollars as Iran war may end soon
Oil prices fell over 3% on Wednesday as markets weighed reports of a potential end to the Iran war. Analysts warn that infrastructure damage may limit supply.
Global energy markets saw a significant decline on Wednesday as Brent Crude Oil and West Texas Oil both tumbled more than 3%. The price drop reversed earlier gains, driven by persistent volatility in the Middle East and emerging reports that the conflict involving the United States, Israel, and Iran could be winding down. By 0641 GMT, the front-month Brent contract for June fell $3.33, or 3.2%, to $100.64 per barrel, while WTI crude futures for May slipped $3.34, or 3.3%, to $98.04 per barrel.
Market activity in Singapore and across Asia saw investors locking in gains amid the uncertainty. Emril Jamil, a senior analyst at LSEG, noted that the downward pressure was likely influenced by a lull in trading and signals from Washington regarding a potential conclusion to the military campaign.
