In the early trading session, oil prices in the Asian market fell, while the tense situation in the Middle East continues to ease.

Oil prices fell in early Asian trading as tensions in the Middle East continued to ease, alleviating concerns of potential supply disruptions. West Texas Intermediate (WTI) crude oil futures for the nearest month fell by 0.7% to $59.01 per barrel, while Brent crude oil futures for the nearest month fell by 0.6% to $63.74 per barrel. A research report from Deutsche Bank's Barbara Lambrecht stated that the risk of immediate U.S. intervention in Iran has decreased following recent statements by President Trump. The commodities analyst mentioned that this led to the drop in oil prices, although the risk of escalating local tensions still remains. The analyst added, "If the situation continues to ease, the upcoming monthly report from the International Energy Agency may shift focus to the issue of oversupply, leading to a further drop in oil prices."