SINGAPORE: Oil prices extended losses on Tuesday, as markets weighed prospects for a resumption of supply through the key Strait of Hormuz against shaky physical market drivers and a lack of details from a preliminary deal to end the Iran war.
By 09:31 a.m. Saudi time, Brent crude futures were down 45 cents, or 0.5 percent, at $82.72 a barrel, and US West Texas Intermediate was down 24 cents, or 0.3 percent, at $80.51 a barrel.
On Monday, oil prices fell nearly 5 percent to their lowest close since March 4, after US President Donald Trump said a memorandum of understanding was signed to end the US-Israeli war with Iran, though full details have not been made public.
The hostilities led to the closure of the Strait of Hormuz that typically carried one-fifth of the world's oil supply before the conflict.
Some analysts expect a resumption of supply soon via the Strait, with other factors weighing down physical market prices.
