ISLAMABAD: Oil prices fell Wednesday as signs of progress in talks between the United States and Iran and improving crude supplies eased concerns over disruptions.
Brent crude fell about 4% to around $99 a barrel, while West Texas Intermediate crude was trading at about $89 a barrel. Murban crude stood at around $108 a barrel.
Meanwhile, Iran announced that restoration work had begun at the Pars gas field, which was damaged in U.S. strikes in March.
Iranian Deputy Oil Minister said about half of the field’s capacity had been restored, according to reports.