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.

US president describes conflict as ‘very complete’, but threatens further strikes after Iran says it won’t allow ‘one litre of oil’ to leave Middle East while war continues

The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.