Oil prices in Asian markets declined slightly on Wednesday morning as peace talks between the United States and Iran remained stalled. US President Donald Trump announced on Tuesday that he would extend the ceasefire until progress is made in negotiations with Tehran. He also stated that the United States would continue its blockade of Iranian ports until Iran presents a comprehensive proposal.

Early in the day, oil prices initially rose but later fell, with Brent crude dropping 0.3 percent to 98.20 dollars per barrel and West Texas Intermediate (WTI) crude declining 0.5 percent to 89.21 dollars per barrel. The energy market has remained unstable since February 28, when the United States and Israel launched attacks on Iran, prompting Tehran to threaten strikes on ships in the strategic Strait of Hormuz.

The continued geopolitical tension and uncertainty over US-Iran negotiations have kept global energy markets volatile, with traders closely monitoring developments in the region.