Oil Falls, Investors Mull Possible Conflict Escalation

A general view shows an oil rig used in drilling at the Zubair oilfield in Basra, Iraq, on July 5, 2022. Essam Al-Sudani/Reuters

LONDON—Oil prices edged lower on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded, at least for the time being.

Brent crude fell 49 cents, or 0.56 percent, to $87.16 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) crude fell by 55 cents, or 0.64 percent, to $85.42.