Oil falls after Trump says US will end Iran war \'very quickly

Oil prices were down about 1% on Wednesday after US President Donald Trump again asserted the war with Iran will end “very quickly”, though investors remain wary about the outcome of peace talks amid continued disruptions to Middle Eastern supply. Brent crude oil futures fell $1.11, or 1.0%, to $110.17 a barrel by 0640 GMT, while US West Texas Intermediate futures were down $1.12, or 1.1%, to $103.03. “Benchmark prices softened on a potential deal as the market gauges the geopolitical outcomes,” said Emril Jamil, a senior oil research analyst at LSEG. “However, prices are likely to still exhibit some upside potential even if a deal is concluded, given that supply will likely not return to pre-war levels immediately,” he said.