The West Texas Intermediate was down 2.39% at $88.94 per barrel as of 7:40 p.m. ET. Brent crude fell over 4% to settle at $94.79 per barrel on Tuesday.

Asia-Pacific markets were set to open higher Tuesday, amid positive investor sentiment that a deal between the U.S. and Iran is still possible

Relief for global markets comes after Trump says Iranian officials are keen on a deal.

The West Texas Intermediate was down 2.39% at $88.94 per barrel as of 7:40 p.m. ET. Brent crude fell over 4% to settle at $94.79 per barrel on Tuesday.

Oil prices fell as optimism grew that Iran may restart negotiations with the U.S. and Israel, easing tensions over the conflict that has disrupted the Strait of Hormuz.