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Oil rose in volatile trading as Trump in his address to the nation on Iran war said that he expected the conflict to last another two to three weeks.
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The United States and Israel have done significant damage to Iran's military capabilities. But Iran still fires missiles, has nuclear material and coordinates with militias in the region.
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The U.S. president will address the nation at 9 p.m. Eastern Time, or 9 a.m. Singapore/Hong Kong time.
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Amidst conflicting signals from the White House on the war in Iran, the president addresses the nation Wednesday on the conflict.
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Crude prices fell Wednesday as President Donald Trump signaled a willingness to exit the Iran war even as the Strait of Hormuz remains largely closed.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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President Trump says the U.S. will strike Iran "extremely hard" in the coming days, bringing them back to the "Stone Ages." Trump also says the killing of top leadership in the country has led to a regime change.
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The letter, by President Masoud Pezeshkian of Iran, was at times defiant, patronizing or conciliatory, and came hours before President Trump was set to address the American people on the war.
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The 10-year Treasury yield ticked up on Wednesday as investors assessed the prospect of a resolution to the conflict in the Middle East.
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The Iranian-aligned militia, Kataib Hezbollah, is pressing for the release of members detained by the Iraqi government in exchange for freeing the journalist, Shelly Kittleson.
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The war began in late February when the U.S. and Israel launched strikes on Iran, causing economic turmoil and massive global energy disruptions.
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