Doha: Oil prices eased 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 East supply from the conflict. Brent crude oil futures fell 45 cents, or 0.4%, to $110.83 a barrel, while US West Texas Intermediate futures were down 27 cents, or 0.3%, to $103.88.

According to Qatar News Agency, both benchmarks fell nearly $1 on Tuesday after US Vice President JD Vance said the US and Iran had made progress in talks, with neither side wanting to see a resumption of military action. The US-Israeli war has caused the effective closure of the Strait of Hormuz, which normally carries about a fifth of global oil supplies, creating the world's biggest oil supply disruption, according to the International Energy Agency.