Energy Preview: Oil futures subdued in early Asia on hopes of potential progress towards a peace deal

International oil prices are trading lower in early Asia on Wednesday tracing a potential progress toward a US-Iran peace agreement. However, renewed tensions and ongoing uncertainty around the strategic Strait of Hormuz is likely to keep oil prices on the edge. US military reportedly confirmed it launched self-defense strikes in southern Iran, while Iran?s Revolutionary Guard claimed it targeted an American F-35 fighter jet and several drones that had allegedly violated Iranian airspace. Weekly oil inventories data is watched for further cues. Currently, WTI crude oil futures are quoting at $92.40 per barrel, down 1.63% on the day. Brent is also down more than 1% at $98.35 per barrel.

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