Muscat: Oil prices fell today after three consecutive sessions of gains, as investors awaited developments on a possible ceasefire in the war on Iran. Brent crude futures declined 82 cents, or 0.76 percent, to $106.95 per barrel, while US West Texas Intermediate crude futures fell 66 cents, or 0.65 percent, to $101.52 per barrel.

According to Oman News Agency, both benchmarks have hovered near or above $100 a barrel since the United States and Israel launched attacks on Iran in late February. The prolonged disruption and the scale of lost supply - already exceeding one billion barrels - means oil prices are likely to stay above $80 a barrel for the rest of the year, Eurasia Group said in a client note.

US consumer prices rose sharply in April for a second straight month, posting the largest annual inflation increase in nearly three years, reinforcing expectations that the Federal Reserve will keep interest rates unchanged for an extended period. US crude inventories fell for a fourth consecutive week last week, while distillate stockpiles also declined, according to market sources citing American Petroleum Institute data.