Crude oil prices steady amid renewed US-Iran fears; Brent likely to rise $120/bbl, says Citi

US-Iran war: Oil prices slipped on Wednesday after US President Donald Trump reiterated that the conflict with Iran would conclude “very quickly.” However, investors remained cautious over the progress of peace negotiations as the ongoing conflict continues to disrupt Middle East oil supplies.

Brent crude futures declined 45 cents, or 0.4%, to $110.83 per barrel, while U.S. West Texas Intermediate crude futures fell 27 cents, or 0.3%, to $103.88 per barrel.