05:41 AM EDT, 04/01/2026 (MT Newswires) -- Crude oil prices eased on Wednesday amid hopes that the U.S.-Israel war with Iran may be drawing to a close in the near term.

Brent crude at last look fell 0.9% to US$103.09/barrel and West Texas Intermediate crude lost 1.3% to $100.04/barrel. The uncertainty has prompted investors to lock in gains, with profit taking leading to a dip as the U.S. signaled that the war may end soon, Reuters said in a Wednesday report, citing analysts.

Unconfirmed media reports said Iran's president was ready to end the war, while U.S. President Donald Trump told reporters that the military campaign could be ended within two to three weeks, the report said.

However, supply is expected to remain tight even when the conflict ends due to damage to energy infrastructure, analysts said in the report.

"Even if it starts to de-escalate, the flow of tankers won't resume right away ... shipping costs and insurance, tanker movement will take time to return to normal," Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.

"Even with diplomatic channels reportedly still active and intermittent comments from the U.S. administration predicting a short end to the conflict, the combination of limited tangible diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply risks skewed to the upside," LSEG analysts were quoted as saying.