Ammon News - Oil prices fell on Tuesday after hitting a more than three-year high in ‌the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $6.28, or 6.3%, to $92.68 a barrel at 0715 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.19, or 6.5%, to $88.58 a barrel. Both contracts fell ​as much as 11% earlier before paring some losses.

Oil surged past $100 a barrel on Monday to the highest ​since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war on ⁠Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call with Trump and ​shared proposals aimed at a quick settlement to the war, according to a Kremlin aide, easing concerns about supply.

Trump said on ​Monday in a CBS News interview that he thought the war against Iran was "very complete" and Washington was "very far ahead" of his initial four- to five-week estimated time frame.

In response to Trump, Iran's Islamic Revolutionary Guards Corps (IRGC) said they would "determine the end of the war," and Tehran would not allow "one litre of oil" to be exported from the region if U.S. and Israeli attacks continued, state media reported on Tuesday, citing the IRGC's spokesperson.

Reuters