Crude oil prices dipped to $102 as the US awaits Iran's response to a peace proposal, potentially ending the conflict and impacting global fuel prices.

Oil prices fell on Tuesday after US President Donald Trump said that a planned attack on Iran had been paused to allow talks aimed at ending the Middle East conflict.

Crude oil futures drop as Trump cancels Iran strike, citing ongoing negotiations and ally requests, affecting market stability.

July Brent oil futures are at $110.76, down by 0.20%, and July crude oil futures on WTI are at $103.82, down by 0.18%

By Isabel Wang and Myra P. Saefong

Crude oil futures rise slightly amid uncertainty over US-Iran peace talks, with Brent at $105.79 and WTI at $99.11.