(RTTNews) - Oil prices were sharply lower on Wednesday after U.S. President Donald Trump said the war with Iran will end "very quickly."
In another development, the British government has relaxed sanctions on Russian energy imports to address rising fuel costs due to the effective blockade of the Strait of Hormuz.
Earlier this week, the United States announced another 30-day extension of a sanctions waiver for countries buying Russian oil and petroleum products currently stranded at sea.
Brent crude futures for July delivery fell 2.4 percent to $109.37 a barrel while WTI crude futures for July delivery were down 1.8 percent at $102.50.
Speaking at a press conference on Tuesday, U.S. President Trump said that Iran wanted to make a deal "so badly", asserting that the ongoing conflict would end "very quickly." He further stated that global oil prices will plummet soon due to abundant supply.
In another development, NATO is not drawing up any plans for a potential mission in the Strait of Hormuz and would need a political decision to do so, U.S. Air Force General Alexus Grynkewich, NATO's Supreme Allied Commander for Europe, said.
Earlier, media reports suggested that the alliance may consider escorting commercial vessels through the waterway if the route remains blocked beyond early July.
The Energy Information Administration (EIA) report will be in the spotlight later today after the American Petroleum Institute (API) estimated that U.S. crude oil inventories fell by 9.1 million barrels in the week ended May 15,2026.
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