Oil prices continued to decline on Tuesday, falling by more than a dollar per barrel amid hopes for a settlement to the war between the United States and Iran that has caused major disruption to global energy flows.
Brent crude futures fell $1.47, or 1.66%, to $86.89 by 03:26 GMT, its lowest level since July 20. US West Texas Intermediate crude recorded $81.16 per barrel, down $1.45, or 1.76%, which is also its lowest level since July 20.
Both contracts fell by about 8% in the previous session after the United States suddenly suspended its air strike campaign against Iran over the weekend, according to Reuters.
