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Global crude oil prices fell more than 1% on Tuesday, extending losses from the previous session as hopes of easing tensions between the United States and Iran reduced concerns over prolonged disruptions to Middle East energy supplies.
Brent crude futures declined $1.24, or 1.33%, to $91.33 per barrel, while US West Texas Intermediate (WTI) crude fell $1.31, or 1.5%, to $85.54 per barrel.
Brent crude had already dropped 5.85% in the previous session, touching its lowest level since August 31.
Market experts said signs of diplomatic progress had put pressure on oil prices.
Continuing geopolitical tensions and uncertainty surrounding key shipping routes could limit further declines.
Investors are awaiting monthly oil supply and demand reports from the US Energy Information Administration (EIA), the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) for fresh market direction.
Trump indicated that Washington would hold off on further military strikes against Iran following appeals from regional countries, including Qatar. He made the remarks after meeting Qatar’s Prime Minister at the White House.
The US naval blockade in the Strait of Hormuz will remain in place, keeping concerns over the security of the crucial global energy route alive.
Senior US and Gulf officials have expressed doubts about an imminent peace agreement between Washington and Tehran.
Iran’s security council chief Mohsen Rezaei rejected reports of ongoing negotiations, accusing the US of spreading false claims about talks.
Russian and Ukrainian officials are scheduled to hold two days of US-brokered talks beginning Tuesday, marking their first such meeting since February.
Elsewhere, gold prices edged lower, trading around $4,120 per ounce, as investors awaited key US inflation data for clues about the Federal Reserve’s monetary policy.
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