Oil prices retreated around 4% from Monday’s highs as markets responded positively to US President Donald Trump’s reassuring comments that negotiations with Iran are progressing.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

June 2 : Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks. U.S. President…