Oil prices fell on Wednesday after Oman's foreign minister said a new round of nuclear talks between Iran and the U.S. would take place later this week.
Oil prices rose in early trading after a CNN report on Tuesday said U.S. intelligence showed Israel was preparing to strike Iran's nuclear facilities. CNN cited U.S. officials and added that it was not clear whether Israeli leaders had made a final decision.
Brent crude futures fell 47 cents, or 0.7%, to settle at $64.91 a barrel. U.S. West Texas Intermediate crude fell 46 cents, or 0.7%, to settle at $61.57.
Iran is the third-largest oil producer among members of the Organization of the Petroleum Exporting Countries and an Israeli strike could disrupt the flow of oil from the country. "Now we're going to have another round of peace talks to make up for the premium we're paying," said Phil Flynn, senior analyst at Price Futures Group.
However, there are concerns that Iran could retaliate by blocking the flow of oil tankers through the Strait of Hormuz, through which Saudi Arabia, Kuwait, Iraq and the United Arab Emirates export crude and fuel.
"If tensions escalate, we could see a temporary trade shift or a supply cut of around 500,000 barrels per day - something that OPEC+ could offset fairly quickly," said Rystad Energy analyst Priya Walia.
The US and Iran have held several rounds of talks this year over Iran's nuclear program while US President Donald Trump has revived a campaign of tougher sanctions on Iranian crude exports.
Meanwhile, Kazakhstan's oil output rose by 2% in May, industry sources said on Tuesday, defying pressure from OPEC+ to cut output.
Oil prices also fell on Wednesday after disappointing US government data on domestic crude, gasoline and distillate inventories, all of which posted surprise increases last week.
Crude oil inventories rose by 1.3 million barrels, while gasoline stocks rose by about 800,000 barrels and distillate stocks rose by about 600,000 barrels, according to data from the Energy Information Administration. (alg)
Source: Reuters
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