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 $6.51, or 6.6%, to $92.45 a barrel at 0018 GMT, while US West Texas Intermediate (WTI) crude was down $6.12, or 6.5%, to $88.65.
Oil prices surged past $100 a barrel on Monday, hitting session highs of $119.50 for Brent and $119.48 for WTI, their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-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.
Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.
