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Rising tensions between Israel and Iran threaten to disrupt the flow of oil through the Strait of Hormuz, a crucial energy artery for Asia, as fears grow that a wider Middle East conflict could choke off supplies and destabilise markets.
U.S. crude futures edged lower Wednesday to trade below $71 per barrel, after selling off steeply in the previous session on reports that Israel will not attack Iran's oil facilities.
This is CNBC's live blog covering European markets.
Crude oil futures fell more than 4% on Tuesday, as a looming global oil surplus next year overshadowed the risk of a supply disruption from the conflict between Israel and Iran.
Crude oil futures fell nearly 2% on Monday after OPEC cut its demand forecast for 2024 for the third time in a row.
Crude oil futures fell more than 4% on Tuesday as the rally spurred by heightened geopolitical risk paused while the market waits for Israel to strike back against Iran.
Originally set to take effect on December 30, the EU Deforestation Regulation (EUDR) requires that commodities such as palm oil, timber, soybeans, coffee and cattle sold in EU markets must not come from land deforested or degraded after December 31, 2020.
U.S. crude oil rose about 2% on Monday, as the market waited for Israel to strike Iran.