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Oil prices continued their downward trend during Asian trading hours on Wednesday, extending significant losses from earlier in the week as diplomatic developments between the United States and Iran raised hopes for a resolution to ongoing Middle East supply disruptions.
Brent crude futures declined 0.4% to $94.40 per barrel, while West Texas Intermediate dropped 0.6% to $87.86 per barrel as of 20:48 ET. The pullback comes after oil markets recorded historic price surges throughout March, driven by severe supply constraints linked to the Iran conflict.
President Donald Trump signaled on Tuesday that further U.S.-Iran peace negotiations could take place within days in Islamabad, even as Washington's naval blockade of Iran entered its third consecutive day. Although the blockade targets only Iranian ports and vessels, analysts warn it risks deepening disruptions to oil flows through the Strait of Hormuz — a critical global energy chokepoint responsible for approximately 20% of worldwide oil supply. Several Asia-Pacific economies remain heavily reliant on this passage.
A fragile ceasefire between the two nations appeared to be holding, with no new military strikes reported since late the previous week. U.S. officials are reportedly pushing to secure additional peace agreements before the ceasefire window closes. Parallel negotiations between Israel and Lebanon in Washington also bolstered market optimism, as Lebanon's inclusion in any ceasefire deal has been a key Iranian demand.
Despite the cautious relief, energy analysts at ANZ warned that oil markets remain fundamentally tight. According to their estimates, the ongoing conflict has removed at least 10 million barrels per day from global supply. They noted that even without further escalation, constrained supply balances alone are enough to keep Brent crude prices elevated. The longer the geopolitical standoff continues, the more sustained these upward price pressures are likely to remain.
