Oil prices fell on Wednesday after climbing nearly 8% over the previous three sessions, as hopes for a resolution to the Middle East conflict faded and tensions around the Strait of Hormuz remained unresolved.

Brent crude slipped toward $106 a barrel, while West Texas Intermediate traded near $101, as markets weighed ongoing geopolitical risks against signs of continued disruption to Iranian exports, News.Az reports, citing Bloomberg.

Satellite imagery reportedly showed no ocean-going tankers at Iran’s Kharg Island over recent days, marking what analysts described as the first extended pause at the country’s main export hub since the escalation of hostilities.

The conflict has continued to strain diplomatic efforts, with Iran-related tensions and shipping risks in the Strait of Hormuz contributing to uncertainty in global energy markets.

U.S. President Donald Trump said the Iran war was unlikely to dominate talks with Chinese President Xi Jinping in Beijing this week, telling reporters at the White House that trade discussions would take priority and adding that “we have Iran very much under control.”

Despite that statement, rising fuel prices in the United States have added domestic pressure, with gasoline costs climbing to their highest level since 2022 amid renewed inflation concerns ahead of upcoming elections.

The Strait of Hormuz has remained effectively disrupted since the outbreak of the conflict more than 10 weeks ago, with reports of additional restrictions on Iranian ports further complicating diplomatic efforts to stabilize the region.

Flows of crude oil, natural gas and refined fuels through the region have been significantly affected, raising concerns about global economic growth and energy supply stability.

News.Az 

By Nijat Babayev