Oil prices fell more than 1% on Tuesday, paring the previous session’s sharp gains, after United States (US) President Donald Trump said talks with Iran were ongoing.
Trump’s comments came despite a report that Tehran had suspended indirect negotiations with Washington to end hostilities.
Brent crude futures were down $1.52, or 1.6%, to $93.46 a barrel, while US West Texas Intermediate fell $1.43, or 1.6%, to $90.73 a barrel.
“The social media posts from Trump indicating a de-escalation of tensions are weighing on crude prices today,” said UBS analyst Giovanni Staunovo. “That said, oil flows through the Strait remain restricted.”
Both benchmarks rose more than 5% on Monday, having fallen more than 16% in May on hopes of a peace deal.
–Reuters–
