Oil prices fell for a second day \u200con Wednesday on expectations that peace talks between the US and Iran may resume and eventually release supply from the key Middle East producing region trapped by the closure of the Strait of Hormuz. Brent crude futures fell 52 cents, or 0.55%, \u200bto $94.27 a barrel at 0054 GMT after falling 4.6% in the previous session. US West Texas \u200bIntermediate crude was down $1.04, or 1.1%, to $90.24 after dropping 7.9% the session before. Talks \u2060to end the war between the US and Israel and Iran could resume in Pakistan over the \u200bnext two days, US President Donald Trump said on Tuesday, after the collapse of negotiations over the weekend prompted \u200bWashington to impose a blockade on Iranian ports. This has increased optimism that talks could eventually settle the conflict and open up crude oil and fuel flows. The war has shut the Strait of Hormuz, a key waterway for crude and refined \u200bproduct flows out of the Gulf to global buyers, particularly in Asia and Europe. Despite a two-week ceasefire, \u200btransit through the strait remains uncertain, with traffic at only a fraction of the 130 or so vessels that moved \u200cthrough \u2060the waterway before the war, sources said on Tuesday. A US destroyer stopped two oil tankers from leaving Iran on Tuesday, a US official said. “While diplomatic headlines suggest the possibility of renewed US-Iran talks and even a temporary easing of transit restrictions, the physical reality remains fragmented,” the Schork Group said in a note. “The result is \u200ba market that continues to \u200bprice optionality around flow \u2060disruption rather than a return to equilibrium.” The market stands to lose some access to further supply after two US administration officials told Reuters on Tuesday the US \u200bwill not renew a 30-day waiver of sanctions on Iranian oil at sea \u200bthat expires \u2060this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend. Later in the day, markets will be watching for official US inventory data from the Energy Information Administration due at 10:30am ET (1430 \u200bGMT). US crude oil stockpiles were expected to have risen slightly \u200blast week, while distillate and gasoline inventories likely fell, a Reuters poll showed. Market sources familiar with American Petroleum Institute figures said on Tuesday US \u200bcrude oil inventories jumped for the third straight week.<\/p>\n","protected":false},"excerpt":{"rendered":"
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