RoydadNaft –  Brent crude futures fell by 82 cents, or 0.76%, to $106.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined by 66 cents, or 0.65%, to $101.52 per barrel.

According to Roydad Naft, global oil prices retreated in Wednesday’s trading after three consecutive sessions of gains, pressured by doubts over the durability of the ceasefire between Iran and the United States, as well as ahead of U.S. President Donald Trump’s planned visit to China.

According to a report by Reuters, investors are awaiting greater clarity regarding Middle East tensions and the possible meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing — a development that could significantly influence global energy markets.

Market analysts believe the oil market remains highly sensitive to regional developments, and any escalation in tensions or threats to oil supply flows could once again trigger a sharp rise in prices.

Oil prices had surged more than 3% on Tuesday as hopes for a lasting peace agreement between Iran and the United States weakened, while concerns intensified over continued restrictions in the Strait of Hormuz. The strategic waterway handles nearly one-fifth of the world’s oil and liquefied natural gas shipments.

Meanwhile, U.S. economic data indicates that rising energy prices driven by geopolitical tensions have increased inflationary pressures, fueling concerns about the global economy and the monetary policies of the Federal Reserve.