Oil prices today: Brent, WTI fall

Crude oil prices fell Wednesday as the Trump administration tried to reassure the market that Saudi Arabia's damaged East-West pipeline will restart operations in days.

U.S. West Texas Intermediate futures were down 3.7% to $101.92 per barrel by 11:32 a.m. ET. Brent crude, the international benchmark, traded 3% lower to $105.39 per barrel. Prices have rallied more than 16% this month as fighting sharply escalated in the Persian Gulf.

U.S. Energy Secretary Chris Wright told CNBC on Tuesday that the pipeline outage is a "brief and temporary interruption" that "will be measured in days."

But independent analysts warned the pipeline could remain down for weeks based on satellite images showing significant damage to a pumping station.

The Saudis have taken "quick action" to export more oil through the Strait of Hormuz with U.S. military help while the pipeline is down, Wright said.