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Oil prices continued to decline during Asian trading on Wednesday as improving geopolitical sentiment in the Middle East reduced fears of supply disruptions, while traders also evaluated fresh data showing a sharp drop in U.S. crude inventories.
Brent crude futures for July delivery dropped 1.2% to $108.60 per barrel, while West Texas Intermediate (WTI) crude futures fell 1.4% to $100.88 per barrel. Both benchmark contracts had already posted losses of nearly 4% in the previous trading session as market sentiment shifted toward reduced geopolitical risk.
Investor confidence improved after U.S. President Donald Trump announced that Washington would temporarily suspend “Project Freedom,” an initiative aimed at protecting commercial shipping through the Strait of Hormuz. The decision raised hopes that the United States and Iran could move closer to a diplomatic agreement and avoid further escalation in the region.
Trump stated that both sides had agreed to pause the operation for a short period while negotiations continue. Earlier tensions surrounding the project had triggered military reactions from Iran, which intensified attacks on vessels and regional energy infrastructure, raising concerns about global oil supply interruptions.
Despite the decline in oil prices, losses were partially limited by signs of tighter supply in the United States. According to data released by the American Petroleum Institute (API), U.S. crude oil inventories fell by 8.1 million barrels last week, significantly exceeding market expectations.
The large inventory draw suggested strong fuel demand and ongoing supply constraints in the world’s largest oil-consuming nation. Analysts believe the sharp decline in stockpiles could provide support for crude prices even as geopolitical tensions begin to cool.
Market participants are now closely monitoring developments in the Middle East alongside upcoming U.S. inventory data for further direction in global oil markets.
