Oil prices fell on Wednesday after rising 4%, amid markets awaiting negotiations between Iran and the United States.
By 09:45 Moscow time, futures for US crude West Texas Intermediate for July fell 2.46% to $91.58 per barrel, while futures for global benchmark Brent crude for the same month declined 1.95% to $97.64 per barrel.
Oil prices surged on Tuesday after the US military launched new strikes in Iran, damaging hopes that had prevailed at the start of the week regarding the possibility of the United States and Iran reaching a deal to end the
conflict. Iran said the United States violated the ceasefire by striking targets near the Strait of Hormuz, while the United States stated that its strikes were defensive in nature.
Following the April ceasefire, both sides indicated progress in talks aimed at reopening the Strait of Hormuz, a vital artery for global oil and gas flows, but the current escalation of hostilities threatens those negotiations, while Israel also intensified its bombardment of Lebanon adding further pressure on peace efforts.
Nevertheless, reports of some liquefied natural gas tankers passing through the Strait of Hormuz in recent days raised expectations of a possible reopening of the waterway soon, which would boost global supplies.
