Oil prices remained under pressure on Wednesday as traders closely monitored negotiations between Iran and the United States while waiting for fresh data on US crude oil inventories. Brent futures and US West Texas Intermediate (WTI) crude both declined as investors assessed whether easing tensions in the Middle East could improve global oil supply. The reopening of shipping through the Strait of Hormuz has also reduced fears of major supply disruptions. Market participants are now focusing on inventory data, diplomatic developments, and future supply conditions to understand where oil prices may move in the coming weeks.
