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Airlines and related stocks such as engine maker Rolls-Royce Holdings PLC (LSE:RR.) were lifted higher in early trading on Wednesday as oil prices fell after comments from the US and Iran raised hopes of an end to the war in the Middle East.

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) the Calgary-based oil producer focused on Colombia, has successfully drilled and brought into production a new well at its Mateguafa Attic field, adding to output at one of its most productive sites. The Mateguafa 11 well, known as M-11, was spud (drilling began) on March 9 and reached its target depth within six days, completing ahead of schedule and under…

Brent contract for June delivery was up 1.5% at $105.56 a barrel as of 9:50 ET. UU.S. crude oil for May was up 1.5% at $102.92 a barrel.

Oil prices ticked up in early Wednesday trade, with Brent front-month futures extending a record March rally as Middle East volatility kept markets jittery, despite reports that the ​U.S. and Iran may be edging closer to a negotiated end to the war.

Oil futures rose in early trade on a likely technical recovery after the futures fell markedly overnight amid hopes for a quick end to the Mideast conflict.