Crude prices rose sharply after US President Donald Trump rejected an Iranian peace proposal aimed at ending the conflict.
Crude prices rebounded in Asian trading after US President Donald Trump turned down a peace proposal put forward by Iran, according to Iranian state media.
Crude climbed Monday after the US president turned down an Iranian plan aimed at ending the conflict and reopening the strategic strait.
Oil prices declined Thursday after a report indicated Asia is set to import its highest volume of crude oil since the start of the US-Iran war.
Crude prices were mixed on Wednesday amid hopes for a diplomatic breakthrough after Iran and the United States held extended talks at the United Nations.
Brent oil prices climbed toward the $106 mark on the ICE exchange, Russian state media reported, marking a fresh high since mid-September.
Crude prices dropped Wednesday on hopes that diplomacy could ease tensions in the Middle East after the two sides met on the sidelines of the UN.
Weekly data shows crude stocks remain below their five-year seasonal average, according to the US Department of Energy.
U.S. crude briefly slipped below $100 a barrel as additional Saudi Arabian supplies eased concerns over disruptions, CNBC reported.
Brent crude slipped to around $102 a barrel and US benchmark WTI fell below $100, according to Anadolu Agency, as immediate concerns over Middle East supply disruptions eased.
The global oil benchmark dropped 3.7% on London's ICE exchange, marking its first dip under $102 in weeks, according to TASS.
Oil prices declined on London's ICE exchange, with WTI futures also dropping sharply, according to TASS.
According to a CNBC report, additional Saudi crude supply options eased market concerns over potential disruptions to the kingdom's oil exports following a reported pipeline attack.
Benchmark oil price jumped more than 3% during Tuesday trading, according to data reported by Russian news agency TASS.
CNBC reports that Saudi Arabia is racing to bring its East-West pipeline back online, with analysts cautioning that oil prices could surge if the outage outlasts existing inventory buffers.
Analysts cited by CNBC warn that crude prices could rally sharply if the East-West Pipeline stays offline beyond a five-to-seven-day inventory buffer.
Oil prices extended gains Wednesday amid escalating U.S.-Iran hostilities and worries over Middle East energy disruptions.