Oil slides as Middle East uncertainty keeps markets on edge

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.

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