Oil prices eased after US President Donald Trump again asserted the war with Iran will end “very quickly”, though investors remain wary about the outcome of peace talks amid continued disruptions to Middle East supply from the conflict, Reuters reports.

Brent crude oil futures fell 45 cents, or 0.4 per cent, to $110.83 a barrel by 0050 GMT, while US West Texas Intermediate futures were down 27 cents, or 0.3pc, to $103.88.

“Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the U.S. stance shifting daily,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.

“Oil prices are likely to remain elevated given the possibility of renewed US attacks on Iran and expectations that, even if a peace deal is reached, crude supply will not quickly return to pre-war levels,” he said.