SINGAPORE: Oil prices fell on Tuesday after hitting an over three-year high 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 $6.28, or 6.35 percent, to $92.68 a barrel at 10:24 a.m. Saudi time, while US West Texas Intermediate crude was down $6.24, or 6.58 percent, to $88.53 a barrel. Both the contracts fell as much as 11 percent earlier before paring some losses.
Oil surged past $100 a barrel on Mondayto hit 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.
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.
