Oil prices continued their decline on Tuesday,
Brent crude futures falling at settlement.
Oil prices continued their losses during trading on Tuesday, March 10, after dropping by about 9%, amid expectations from US President Donald Trump that the war in the region might end soon.
In trading, Brent crude futures fell $11.16, or 11.28%, to settle at $87.80 a barrel, while US crude futures fell $11.32, or 11.94%, to settle at $83.45 a barrel.
Oil prices had surged above $100 a barrel on Monday, reaching session highs of $119.50 for Brent and $119.48 for West Texas Intermediate, their highest levels since mid-2022.
The production cuts by Saudi Arabia and other producers during the US-Israeli conflict with Iran have raised concerns about significant disruptions to global supplies.
Prices later fell after a Kremlin aide said Russian President Vladimir Putin had spoken by phone with Trump and exchanged proposals aimed at a swift resolution to the conflict with Iran, easing concerns about a prolonged supply disruption.
Trump said Monday in an interview with CBS News that he believed Washington was "very far ahead" of the initial four-to-five-week timeframe for a potential war.
Meanwhile, the G7 nations said Monday they were prepared to take "necessary measures" in response to rising global oil prices, but stopped short of committing to releasing emergency reserves.
