Oil prices slid early Wednesday as U.S. and Iranian officials signaled incremental progress in ceasefire negotiations, prompting traders to unwind some of the risk premium that has built up since the conflict began in late February.

At 8:57 a.m. EDT, the Brent front-month futures contract traded at $92.63 per barrel, down 4.15% or $4.01, while the U.S. West Texas Intermediate front-month contract fell 5.39% or $5.08 to $88.84, extending losses that followed U.S. airstrikes earlier in the week on Iranian missile sites and naval assets near the Strait of Hormuz.

The latest military exchange underscored how fragile the ceasefire remains, even as both governments publicly downplay the risk of renewed escalation.

U.S. Central Command spokesperson Capt. Tim Hawkins said in a statement: “U.S. forces conducted self-defense strikes in southern Iran to protect our troops from........

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