Oil prices slid to fresh three-month lows on Tuesday as markets weighed prospects for a resumption of supplies through the Strait of Hormuz alongside weaker physical demand and scant details on a preliminary deal to end the Iran war.
Brent crude futures were down $1.44, or 1.7%, at $81.73 a barrel, the lowest since March 10.
United States (US) West Texas Intermediate was down $1.55, or 1.9%, at $79.20 a barrel, also the lowest since March 10.
Oil prices had already dropped nearly 5% on Monday to their lowest close since March 4 after US President Donald Trump said a memorandum of understanding had been signed to end the US, Israeli war with Iran, though full details have not been released.
Iranian Foreign Minister Abbas Araqchi said on Tuesday Iran and the US would start a new round of talks in Switzerland on Friday to reach a final agreement after the start of an interim deal.
He warned that any Israeli attack on Lebanon or continued presence on Lebanese territory would breach the interim agreement.
The conflict led to the closure of the Strait of Hormuz, which typically carries about one-fifth of global oil supplies.
–Reuters–
