U.S. crude futures fell more than $1 in early Asian trade as traders weighed heightened supply risks linked to a U.S. blockade of Iranian shipping in the Strait of Hormuz. This comes amid reports that Washington and Tehran remain open to talks following a tense meeting in Islamabad.
U.S. West Texas Intermediate was trading at $97.76 a barrel, down $1.32, or 1.3 percent, by 2205 GMT. The decline followed a 1.5 percent gain in the previous session.