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Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a ​critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran ‌war through talks at the UN in New York.

A US judge on Tuesday dismissed an antitrust lawsuit in which Michigan accused four major ​oil companies of colluding to forestall competition in ‌renewable energy, including electric vehicles, a decision in line with prior rulings in similar cases.

South Korea aims to reduce its reliance on crude oil from the Middle ​East to 50% by 2035, as Asia's fourth-biggest economy ‌seeks to diversify energy supplies following the disruption caused by the Iran war, the Industry Ministry said on Wednesday.

Oil fell in early Asian trade. Japan's Kyodo News Agency reported Iran proposed to reopen the Strait of Hormuz if the U.S. lifts its blockade, though Iran's Fars News Agency later cited sources denying the report.

WTI tests critical support after a sharp retracement, with a breakdown potentially exposing $90.47 while $101.15 becomes the key bullish trigger.