Oil prices were little changed on Wednesday after gaining nearly 2 percent in the previous session following reports of growing tensions between the United States and Iran.
Losses were capped after the American Petroleum Institute (API) said that U.S. crude oil inventories decreased by 11.08 million barrels in the week ended Jan. 30.
Benchmark Brent crude futures were down 0.1 percent at $67.24 per barrel, while WTI crude futures were little changed at $63.16.
Escalating U.S.-Iran tensions raised fears of supply disruptions from the crude-rich Middle East region.
U.S. President Donald Trump said Tuesday that Washington is negotiating with Iran "right now," without offering details.
His remarks came after a U.S. fighter jet shot down an Iranian drone approaching a U.S. aircraft carrier in the Arabian Sea.
A group of Iranian gunboats were also seen approaching a U.S.-flagged tanker in the Strait of Hormuz, raising tensions just ahead of scheduled talks between Washington and Tehran this week.
Iran' Foreign Ministry said that preparations are underway to hold the talks in the next few days, with consultations ongoing to finalize the venue.
According to reports, Iran has demanded that this week's talks with the U.S. be held in Oman rather than Turkey.
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Market Analysis
January 30, 2026 15:51 ET The Federal Reserve policy decision was the main event in the final week of January, which saw a heavy flow of economics news. Several data reflecting the trends in the U.S. economy were also released during the week. The interest rate decision from Canada also was in focus. In Europe, economic sentiment data gained attention. The policy decision from Singapore was the highlight in Asia.