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Economy
Oil prices dropped sharply on Tuesday, reversing the previous session’s gains, as markets anticipated renewed US-Iran peace talks later this week. Brent crude fell 1% to $94.53 per barrel, while US West Texas Intermediate for May delivery declined 1.72% to $88.07. The more active June WTI contract also fell 1.3% to $86.37. The decline came after both benchmarks surged over 5% on Monday, following Iran’s closure of the Strait of Hormuz and the US seizure of an Iranian cargo ship. Investors now eye diplomatic efforts to ease tensions, which had threatened global oil supply through the strategic waterway.
Oil prices fell on Tuesday, wiping out the gains made in the previous session, amid expectations of peace talks between the United States and Iran this week.
According to Reuters, Brent crude futures fell 95 cents, or 1%, to $94.53 by 00:03 GMT.
US West Texas Intermediate crude futures for May delivery fell $1.54, or 1.72%, to $88.07.
May contracts expire on Tuesday, and the more active June contracts fell $1.09, or 1.3%, to $86.37.
Both crudes rose on Monday, with Brent gaining 5.6% and WTI rising 6.9% after Iran closed the Strait of Hormuz again, blocking the main oil shipping artery, and the United States detained an Iranian cargo ship as part of its blockade of the country's ports.
