Oil prices fell 1.7% after Trump signaled a ceasefire deal in Lebanon, with Brent at $93.35 and traders watching Friday's jobs report.

Trump's talks with Iran lead to oil price drop, easing geopolitical tensions and pausing US military actions.

Oil prices extended gains after Trump sent Iran’s draft peace deal back for revisions, casting doubt on when the Strait of Hormuz will fully reopen.

Brent crude slipped 0.6 per cent to $94.45 a barrel, retracing some of Monday's gains