Oil prices fell for a second consecutive day as US President Donald Trump announced 'great progress' in negotiations aimed at resolving the conflict with Iran. West Texas Intermediate crude oil dropped towards $100 per barrel after a 3.9% decline on Tuesday, while Brent crude closed near $110. The ongoing geopolitical tensions have severely disrupted oil supplies from the Persian Gulf, with over 1,550 commercial vessels and approximately 22,000 sailors trapped due to a double blockade by the US and Iran. In related developments, US crude inventories reportedly fell by 8.1 million barrels last week, marking the largest draw since mid-February. Market analysts noted that the volatility in oil prices has led traders to adopt a cautious approach. Meanwhile, Saudi Arabia has reduced the price of its main oil grade for Asia, reflecting the impact of the ongoing conflict in the region.