NEW YORK: Oil prices settled lower on Wednesday after President Donald Trump said that the US would end its war on Iran fairly soon. On Tuesday, he signaled that the US could wind down the war in two to three weeks even without a deal, remarks that sent oil prices down more than US$3 a barrel in that trading session. This disrupted Middle Eastern oil exports and drove fuel prices higher globally. In January, US crude oil output fell by the most in two years, after a severe winter storm knocked production offline, data from the Energy Information Administration showed on Tuesday. Meanwhile, US crude oil inventories rose more than expected last week, data from the Energy Information Administration showed on Wednesday.

Source: The Star April 01, 2026 23:35 UTC