Energy prices continue to fall as tensions in Middle East ease

Energy prices continued to decline on Wednesday following US President Donald Trump's statement that the war with Iran would end "very shortly," and US oil inventories fell by the most on record last week.

Brent futures traded for $104.50 per barrel as of 1515GMT, down around 6.5%, while West Texas Intermediate (WTI) prices dropped by 5.5% to $98 per barrel.

Benchmark Dutch TTF futures, Europe’s main natural gas contract, plunged 5% to below €49.3 ($53.3) per megawatt-hour.

Heating oil prices decreased by 5% to $3.96.

Trump said negotiations with Iran are continuing and would soon become clear whether the two sides could reach an agreement.

"We're going to end that war very quickly. They want to make a deal so badly. They're tired of this," Trump said at the White House.

The drop in prices also came as US crude inventories, including strategic reserves, fell by the most on record last week as exports surged and began drawing down domestic supply buffers, official data showed Wednesday.

Crude stocks dropped by 17.8 million barrels, pushing total inventories to their lowest level in nearly a year, according to the US Energy Information Administration.

Excluding the Strategic Petroleum Reserve, nationwide commercial crude inventories still declined by around 9 million barrels during the week.