Ammon News - Oil prices fell on Tuesday in Asian trade, ​as concerns about supply risks stemming from the U.S. blockade of the Strait of Hormuz were allayed by signs of ‌possible talks to end the U.S.-Iran war.

Brent futures declined 76 cents or 0.8%, to $98.57 by 0601 GMT, while U.S. West Texas Intermediate (WTI) crude fell $1.63, or 1.65%, to stand at $97.45.

Both benchmarks had risen in the previous session, with Brent climbing more than 4% and WTI nearly 3%, after the U.S. military began a blockade of Iran's ports. Oil ​prices rose 50% last month, a historic record.

The U.S. military said on Monday its blockade of the Strait of Hormuz would extend ​east to the Gulf of Oman and Arabian Sea, while ship-tracking data showed two ships turned around in the ⁠Strait as the blockade started.

Iran threatened in response to target ports in nations bordering the Gulf, following the collapse of weekend talks in ​Islamabad aimed at resolving the crisis over the Strait, usually a conduit for about a fifth of global oil and gas supplies.

Reuters