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Oil prices edged lower during early Asian trading on Wednesday as investors monitored ongoing negotiations between the United States and Iran, despite recent military exchanges that briefly heightened fears of wider conflict in the Middle East. The decline followed a strong rally in the previous session after U.S. forces launched strikes on targets in southern Iran, triggering concerns about potential disruptions to global oil supplies.
West Texas Intermediate (WTI) crude futures for July delivery dropped 0.5% to $89.95 per barrel, while Brent crude also moved lower as traders reacted cautiously to developments surrounding the Iran conflict and the Strait of Hormuz.
Market sentiment improved slightly after reports suggested that the U.S.-Iran ceasefire remains active, even after both sides exchanged fire earlier this week. Sources indicated that indirect negotiations are continuing, with discussions focused on reopening the Strait of Hormuz and establishing a broader agreement aimed at ending hostilities.
Iranian media claimed that Tehran fired at a U.S. drone and fighter jet following American strikes targeting missile launch sites and mine-laying vessels in southern Iran. In response, Iranian officials warned of retaliation if Washington violated the ceasefire agreement. Meanwhile, the U.S. military described its operations as “defensive” and reaffirmed that diplomatic channels with Iran remain open.
Recent comments from U.S. policymakers have fueled expectations that a framework agreement between the two nations could be finalized soon. The proposed deal may extend the ceasefire, secure safe passage through the Strait of Hormuz, and initiate negotiations regarding Iran’s nuclear program.
However, uncertainty remains high as Tehran continues to resist U.S. demands related to its enriched uranium stockpiles. Investors are closely watching geopolitical developments, as any escalation in the Iran war could significantly impact crude oil prices and global energy markets throughout 2026.
