Oil prices edged lower on the back of tensions in the Middle East and Fed speeches

Oil prices edged lower as investors weighed the impact of escalating geopolitical risks in the Middle East, hawkish Fed rhetoric and a stronger dollar. Rabobank analysts said in a note: “The only real threat to oil prices is the escalation of the situation between the United States and Iran and the situation in the Persian Gulf.” "At the same time, Saudi Arabia held the price of Arab Light crude for Asian customers in March at a more than two-year low, unchanged from the previous month. The move came as a surprise to market watchers, analysts said, as the market expects Saudi Arabia to raise official selling prices amid concerns about supply disruptions.