SINGAPORE: Oil tumbled more than 3 percent on Wednesday, reversing earlier gains as persistent Middle East volatility unnerved markets even amid reports the US-Israeli war with Iran could be winding down.
The front-month Brent contract for June fell $3.33, or 3.2 percent, to $100.64 per barrel at 09:41 a.m. Saudi time. US West Texas Intermediate crude futures for May slipped $3.34, or 3.3 percent, to $98.04 per barrel.
Prices rose earlier on Wednesday but turned lower as uncertainty over the Middle East conflict prompted investors to lock in gains.
“The dip is likely due to a lull during Asian hours with profit taking amid signals from the US that the war may come to a conclusion in the near term,” said Emril Jamil, senior analyst at LSEG.
Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran's president was ready to end the war.
