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Oil prices edged lower on Wednesday as signs of progress in talks between Washington and Tehran cooled concerns over a wider Middle East conflict, even after fresh U.S. strikes on southern Iran stirred fears of renewed escalation.
International benchmark Brent crude and U.S. benchmark West Texas Intermediate both slipped more than 2%, trading at $97.3 and $91.2 per barrel, respectively, as of 7:10 a.m. GMT. The pullback came a day after oil rallied on concerns that tensions could flare up again following a U.S. airstrike targeting southern Iran.
Markets across Asia delivered a mixed performance. Japan’s Nikkei 225 closed flat, while South Korea’s Kospi climbed 2.3%. Hong Kong’s Hang Seng and China’s Shanghai Composite each dropped more than 1%.
In Europe, the pan-European Stoxx 600 opened 0.2% higher. Germany’s DAX fell 0.8%, while France’s CAC 40 and Spain’s IBEX 35 added 0.4%. Britain’s FTSE 100 remained largely unchanged, while trading on Türkiye’s BIST 100 was suspended due to the Eid al-Adha holiday. Futures linked to major U.S. indexes also pointed slightly higher.
Precious metals also moved lower as investor appetite for safe-haven assets weakened amid cautious optimism over diplomacy.
Gold dipped 0.5% to the $4,490 level, while silver lost 2.4% to $75.1 per ounce. Palladium and platinum both slid nearly 2%, trading around $1,360 and $1,920 per ounce, respectively.
Cryptocurrencies also came under pressure, with bitcoin and ethereum falling around 1% to $75,770 and $2,080. The total market capitalization of cryptocurrencies declined to $2.5 trillion.
Negotiations between the U.S. and Iran have continued to swing market sentiment in recent days, with investors weighing hopes for a possible agreement against signs that the ceasefire remains shaky.
Tehran accused Washington of violating the ceasefire that has been in place since April 8 and warned it was prepared to retaliate against U.S. targets across the Gulf.
Meanwhile, reports of an Iranian delegation visiting Qatar helped lift optimism on Tuesday. Iranian media described the talks in Qatar as "generally positive" and suggested they helped push broader negotiations forward.
Iran is seeking the release of $24 billion in frozen assets as part of a possible agreement with Washington, according to Iran’s semi-official Tasnim news agency. Tehran reportedly wants immediate access to $12 billion, with the remaining $12 billion to be transferred within 60 days after any deal is signed.
Investors are now turning their attention to upcoming U.S. economic data later this week, including growth figures and the Federal Reserve’s preferred inflation gauge, personal consumption expenditures data, which could shape expectations for markets and interest rates.
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