Oil prices settled lower on Wednesday, after Oman's foreign minister said a fresh round of nuclear talks between Iran and the U.S. would take place later this week.

Crude oil prices rose Tuesday night, following a report that Israel is gearing up for a possible strike against Iran’s nuclear facilities.

Iran’s nuclear facilities are deep underground and heavily fortified. An effective attack by Israel would require U.S. assistance for both mid-air refueling and munitions, according to the February intelligence report.