Riyadh: Oil prices declined at settlement today after US President Donald Trump reiterated that the war with Iran would end "very quickly." However, investors remained cautious about the outcome of peace talks amid ongoing disruptions to Middle East supply caused by the conflict. Brent crude futures fell $6.26, or 5.63 percent, to settle at $105.02 per barrel. US West Texas Intermediate crude also dropped $5.89, or 5.66 percent, to $98.26 per barrel at settlement.

According to Qatar News Agency, the market's reaction reflects the complex geopolitical landscape and the uncertainty surrounding the resolution of tensions in the Middle East. The ongoing conflict has significantly impacted oil supply routes, leading to fluctuating prices in recent weeks. Despite the President's optimistic statement, stakeholders remain cautious, as the situation in the region continues to evolve. The potential for further disruptions looms, with analysts closely monitoring developments in the peace talks and their implications for global oil markets.