Oil prices fall as US-Iran peace talks expected to resume

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.