Oil prices fell on Tuesday after hitting their highest level in more than three years in the prior session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Brent futures fell US$6.51, or 6.6 per cent, to US$92.45 a barrel at 0018 GMT, while US West Texas Intermediate (WTI) crude was down US$6.12, or 6.5 per cent, to US$88.65.
Oil prices surged past US$100 a barrel on Monday, hitting session highs of US$119.50 for Brent and US$119.48 for WTI, their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war with Iran stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.
