Oil drops to 110.7 dollars after Trump confirmed he will end Iran war

Oil prices declined on Wednesday after US President Donald Trump reaffirmed that the war with Iran would end "very quickly," but investors still remain apprehensive about the peace talks outcomes amid ongoing disruptions to Middle East supplies due to the conflict.

Brent crude futures fell 0.54 dollars, or 0.49%, to 110.7 dollars a barrel by 02:19 GMT, while US West Texas Intermediate crude futures dropped 0.49 dollars, or 0.47%, to 103.7 dollars.

Both benchmarks had fallen by around a dollar on Tuesday after US Vice President J.D. Vance stated that the United States and Iran made progress in talks and that both parties do not wish to resume military action, according to Reuters.