Oil prices dropped after the US and Iran avoided fresh strikes. Brent fell below $93 as supply fears eased, though Middle East tensions continue to cloud the outlook.

Brent fell about 6 per cent toward US$91 a barrel, while West Texas Intermediate was below US$84. Read more at straitstimes.com. Read more at straitstimes.com.

Oil prices have fallen further in early trading after setting a two-month high set last week