New Delhi, May 20 -- Global oil prices traded subdued on Wednesday morning, holding above $110 a barrel, as markets weighed mixed signals from US president Donald Trump on the prospects of the war on Iran.

At 8:11 AM, the July contract of Brent was trading at $111 per barrel, lower by 0.25%, while WTI fell 0.21% to $103.93 a barrel.

The relative calm in crude comes even as geopolitical risks remain elevated, the Strait of Hormuz stays shut, and India-heavily dependent on West Asian crude-raises retail fuel prices for the second time in a week.

Trump claimed that efforts were underway to end the ongoing conflict, while also warning that Washington could launch fresh strikes if negotiations failed.

Trump told reporters that the US could...