Ammon News - Oil prices fell 2% on Tuesday in ​early Asian trade after U.S. President Donald Trump said he had paused a planned attack on Iran to ‌allow for negotiations to end the war in the Middle East.

Brent futures for July delivery fell $2.26, or 2%, to $109.84 a barrel at 0352 GMT, while U.S. West Texas Intermediate crude for June delivery fell $1.22, or 1.1%, to $107.44.

In the previous session, the benchmarks hit their highest levels since ​May 5 and April 30, respectively.

The June WTI contract expires on Tuesday, while the most active July contract ​fell $1.63 or 1.6% to $102.75 per barrel.

Trump said on Monday there was a "very good chance" the U.S. ⁠could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon, hours after announcing the pause in ​military action to allow talks.


Reuters