Brent crude fell 2.65% to $90.14 per barrel, briefly trading below $90 on Tuesday, while U.S. WTI crude dropped 2.4% to $84.78. The decline followed comments from Donald Trump, who said the conflict with Iran could end “fairly soon” and that Tehran was talking politely with Washington. Markets are pricing in a reduction in geopolitical risk as oil flows through the Strait of Hormuz have largely recovered. Analysts remain divided over the outcome of regional negotiations, with concerns persisting over control of the strait and refining capacity, leaving oil prices highly sensitive to developments in the Middle East.
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