Brent crude futures held around $95 per barrel on Wednesday after tumbling nearly 5% in the previous session, as investors anticipated a second round of peace negotiations between the US and Iran before the two-week ceasefire lapses. President Donald Trump reportedly indicated talks could restart “within the next two days” in Pakistan after last weekend’s discussions broke down. The US continues to enforce a naval blockade on Iranian oil exports through the Strait of Hormuz, while Tehran is weighing a temporary halt in shipments via the corridor to support progress toward a deal. Meanwhile, the IEA expects global oil demand to decline this year for the first time since the 2020 pandemic, as elevated prices curb consumption. Separately, the API reported that US crude inventories increased by 6.1 million barrels last week, marking the eighth straight build.