Oil Prices Fall on Iran, Ukraine Peace Hopes and Rising Supply

Oil prices fell on Wednesday as hopes for peace in Ukraine and Iran, along with rising OPEC+ production and growing U.S. crude inventories, outweighed concerns about Middle Eastern supply disruptions. Brent crude traded at $91.32 per barrel, while West Texas Intermediate was at $85.32. Peace optimism followed recent negotiator meetings between Russia and Ukraine, though no deal was reached, and Iran stated it would not export enriched uranium and would respond to any new U.S. strikes. Higher OPEC production in October and an American Petroleum Institute inventory build also pressured prices. Continued attacks on tankers in the Strait of Hormuz limited some losses, but analysts noted expectations of improved supply and bearish U.S. data dominated market sentiment. Uncertainty around the U.S.-Iran conflict still provided some support to prices.