Brent Crude oil was trading around the $88 per barrel mark on Tuesday morning.
Oil prices continued to retreat on Tuesday after plunging on Monday as hopes of renewed diplomatic efforts between the United States and Iran eased concerns over disruptions to crude supplies through the Strait of Hormuz. The decline came as global markets were also rattled by a sharp sell-off in technology stocks, with Asian chipmakers suffering heavy losses amid fresh concerns over the future of the artificial intelligence boom.
The bloodbath in tech overshadowed renewed optimism over the US-Iran crisis, with the two sides stepping back after almost two weeks of retaliatory attacks sparked by a breakdown in diplomacy over Tehran's blockade of the Strait of Hormuz.
Trump expressed hope that renewed diplomacy could bring an end to the war that began in late February.
"I have a lot of patience... We'll see what happens," he said aboard Air Force One. "I think there is a good chance that something could happen."
