Geneva: Oil prices experienced a decline of more than 2% during early Asian trading hours after US statements eased concerns over potential military action against Iran and supply disruptions. Brent crude dropped $1.67 to $64.85 per barrel while WTI declined $1.54 to $60.48 per barrel.

According to Qatar News Agency, both benchmarks had settled more than 1% higher on Wednesday but gave back most gains after US President Donald Trump's remarks reduced fear of a potential escalation in Iran.