Oil prices briefly fell below $100 a barrel and shares opened higher in Europe on Wednesday after U.S. President Donald Trump said the U.S. will leave Iran in "two to three weeks" regardless of whether a deal is struck with Tehran.
Brent crude ticked down to $98.65 before inching back up to $101 following Trump's pledge.
In early European trading, the front-month Brent contract for June delivery was down 2.1% to $101.69 a barrel, having earlier fallen to $98, while WTI futures for May traded 2.7% lower to $98.69 a barrel.
Natural-gas prices also declined, with the front-month Dutch TTF contract - the European benchmark - down 4.8% to 48.28 euros a megawatt-hour.
Since the US-Israel war with Iran, oil and gas prices have soared after Tehran threatened to attack vessels using the Strait of Hormuz, effectively shutting the key shipping route.
Crude prices are still about 40% higher than they were before March. The International Energy Agency has called it the biggest supply disruption ever and prices for some fuels have at times topped $200 a barrel.
