Oil prices settled lower on Wednesday, after Oman's foreign minister said a fresh round of nuclear talks between Iran and the U.S. would take place later this week.

Crude oil prices rose Tuesday night, following a report that Israel is gearing up for a possible strike against Iran’s nuclear facilities.

Crude oil prices sharply increased following reports that Israel is considering strikes on Iranian nuclear facilities, which would threaten ongoing US-Iran negotiations and potentially escalate into a broader Middle Eastern conflict.