Oil prices edged lower on Wednesday after US President Donald Trump said the war with Iran would end "very shortly," easing concerns over potential supply disruptions.
International benchmark Brent crude traded at $109.95 per barrel at 09.57 a.m. local time (0657 GMT), down around 0.94% from the previous close of $110.98.
US benchmark West Texas Intermediate (WTI) decreased about 1.12% to $102.83 per barrel, compared with $104.01 in the previous session.
Trump said negotiations with Iran were continuing and would soon become clear whether the two sides could reach an agreement.
"We're going to end that war very quickly. They want to make a deal so badly. They're tired of this," Trump said at the White House.
US Vice President JD Vance also said Washington would either reach an agreement with Iran through negotiations or continue strikes against the country.
"This is not going to be a forever war. We will complete our mission and come home. That was the president’s promise, and that is exactly what we are going to do," Vance said Tuesday, during a White House briefing.
He added that Trump wanted to conclude the operation against Iran within a short period and that ceasefire talks had been ongoing for the past five weeks following six weeks of attacks.
Negotiations with Iran are ongoing with mediation efforts by Gulf countries.
Meanwhile, following the ceasefire declaration with Iran, the US Central Command (CENTCOM) said 88 commercial vessels had changed course and four vessels had been "neutralized" as part of the blockade launched around the Strait of Hormuz.
In a statement posted on the social media account of the US-based X platform, CENTCOM shared updated information regarding measures imposed on vessels carrying oil and other commercial goods through the Strait of Hormuz since the blockade decision announced on April 13.
In addition to supply disruption concerns stemming from the Iran conflict, data pointing to a decline in US crude oil inventories also remained in focus for markets.
The American Petroleum Institute reported that US crude oil inventories fell by 9.1 million barrels last week compared to the previous week. Official inventory data from the US Energy Information Administration is expected later in the day.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr