Brent crude futures declined 0.07 per cent to $99.18 a barrel as of 0119 GMT, while West Texas Intermediate (WTI) futures fell 0.39 per cent to $90.17 per barrel
Brent crude futures for November rose USD 1.14, or 1.1 per cent, to USD 101.48 per barrel at 0317 GMT
The decline came as traders reduced their positions amid subdued demand in the domestic spot market
Brent crude futures rose $3.21, or 3.1 per cent, to $107.82 a barrel by 1218 GMT, after touching an intraday high of $108.65
Oil movements through the region have continued despite the conflict, but further attacks on tankers or infrastructure could increase the risk of more significant disruptions
The latest increase followed fresh military action involving the US and Iran as well as attacks by Iran-backed Houthis on Saudi Arabia, adding to uncertainty over energy supplies from the region
Iran on Monday threatened retaliation against further US attacks on its assets. The warning followed strikes between the two sides over the weekend, with no diplomatic breakthrough reported
Brent crude futures rose $2.11, or 2.40 per cent, to $90.20 a barrel, while US West Texas Intermediate (WTI) crude gained $1.89, or 2.27 per cent, to $85.30 a barrel
Brent crude futures fell 0.7 per cent to $87.24 a barrel in early trade, marking a fourth consecutive session of losses
Crude prices have risen more than 50 per cent this year as the six-month conflict between the US and Iran has disrupted shipments of crude oil and refined petroleum products from the Middle East
Both benchmarks had settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31
Oil prices are now at their highest levels since the two countries signed a memorandum of understanding on June 17 aimed at ending the conflict
