00:00Oil prices settled lower on Wednesday after President Donald Trump said that the U.S. would end its war on
00:06Iran fairly soon.
00:08The front-month Brent contract for June fell $2.81, or 2.7%, to settle at $101.16 a barrel,
00:18bouncing off a session low of $98.35 a barrel.
00:23U.S.-West Texas Intermediate WGI crude futures for May slipped $1.26, or around 1.2%, to $100.12 a
00:35barrel, of a session low of $96.50 a barrel.
00:42Trump told Reuters that the U.S. has ensured that Iran will not have nuclear arms and is ready to
00:47get out of the war pretty quickly.
00:49On Tuesday, he signaled that the U.S. could win down the war in two or three weeks even without
00:55a deal, remarks that sent oil prices down more than $3 a barrel in that trading session.
01:01Market participants are betting that Trump will not allow oil supply disruptions caused by the Middle East war to extend
01:09into mid-May, when U.S. gasoline demand is typically at its strongest.
01:14They assert the risk to the U.S. gasoline prices, consumer sentiment, and ultimately the November mid-term elections makes
01:21a prolonged conflict politically costly.
01:24On Monday, U.S. gasoline prices rose above $4 a gallon for the first time in more than three years.
01:31In a social media post on Wednesday, Trump said Iran had asked for a ceasefire, but he will consider it
01:37only after Tehran stops blocking the Strait of Hormuz.
01:39But Iran denied that it made such a request.
01:43Analysts expect the energy flows through the Strait of Hormuz would be slow to return to levels before the conflict
01:49even if the ceasefire is announced.
01:51Oil supply disruptions in the Middle East will increase in April and will hit Europe as the closure of the
01:57Strait of Hormuz hits exports further.
02:00International Energy Agency hit Fatih Birol said on Wednesday.
02:03Back to U.S.
02:06At the U.S.
02:06means EOS Channing
02:06Hormuz
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