Oil prices fell for a second consecutive session on Tuesday, with Brent crude slipping below $90 a barrel as US President Donald Trump signalled a pause in further military strikes against Iran, easing concerns over prolonged supply disruptions in the Middle East.
Brent crude futures dropped $2.92, or 3.15%, to $89.65 per barrel by 1334 GMT, while US West Texas Intermediate (WTI) fell $2.33, or 2.68%, to $84.52. Brent had declined 5.9% in the previous session.
Trump said on Monday he would hold off on additional strikes against Iran following appeals from regional leaders, including Qatar’s prime minister.
Market sentiment was also weighed down by expectations of excess supply. JPMorgan estimated the global oil surplus at around 1.4 million barrels per day in October, as high prices dampened demand.
Brent has fallen about 23% from its six-month high of $118 a barrel reached on October 30, although concerns persist over potential shipping disruptions near the Strait of Hormuz.
Meanwhile, China’s crude oil imports rose in October to their highest level since March, official data showed, while Ukrainian drone attacks have reportedly reduced Russia’s oil refining capacity by around 30%.
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