-- Crude futures contract edged higher on Wednesday, after dropping sharply in the previous session, as traders weighed fresh diplomatic signals against the Strait of Hormuz blockade.
The front-month Murban crude contract added 0.8% at $101.62 per barrel. Brent futures contract was up 0.3% at $95.08/bbl.
Energy markets have shown signs of stabilizing following a volatile period, as ANZ analysts noted that reports of a second round of US-Iran peace talks helped temper earlier spikes.
Sentiment was bolstered by reports that Iran may pause shipments to avoid naval confrontation, potentially clearing a path for renewed talks before the April 22 ceasefire expires, analysts said.
These discussions, aimed at extending the current ceasefire, are expected to take place in Islamabad over the coming days.
Market sentiment was buoyed by comments from President Donald Trump, who stated in a Fox Business interview that the war is "very close to being over," SEB analysts said.
The president highlighted these remarks on Truth Social, which SEB analysts suggested has led markets to price in a potential de-escalation.
Meanwhile, Saxo Bank analysts noted that Brent falling below the $100 threshold reflects growing optimism.