Oil prices decreased by over 3% on Wednesday, reversing earlier increases due to ongoing volatility in the Middle East, despite suggestions that the conflict involving the US, Israel, and Iran may be drawing to a close.

By 06: 41 GMT, the Brent crude futures for June delivery dropped by $3.33, or 3.2%, reaching $100.64 per barrel, reported Reuters.

Similarly, the May delivery futures for US West Texas Intermediate (WTI) crude saw a decline of $3.34, or 3.3%, settling at $98.04 per barrel.

Early on Wednesday, oil prices had risen but later declined as investors decided to secure profits amidst uncertainty surrounding the West Asia situation.

Unverified reports suggested that Iran's President might be ready to conclude the ongoing conflict, contributing to a drop of more than $3 in Brent futures on Tuesday.

On Tuesday, US President Donald Trump said the US could wrap up its military campaign within two to three weeks, adding that Iran would not need to strike a deal for the fighting to stop.

Trump's remarks marked his clearest indication yet of his intention to end the month-long war.

A report in the Wall Street Journal highlighted Trump's suggestion that he might end the war before reopening the Strait of Hormuz, a crucial passage for 20% of global oil and LNG trade.

Meanwhile, a Reuters survey revealed on Tuesday that OPEC's oil production fell by 7.3 million barrels per day in March compared to February due to enforced export reductions stemming from the closure of the strait.

Concurrently, US crude oil production experienced its steepest decline in two years in January. The drop followed a severe winter storm that disrupted output across significant areas of the country, according to data from the Energy Information Administration released on Tuesday.