Oil prices fell on Tuesday morning. This is due to expectations that the US and Iran may resume talks to resolve the conflict. This comes after the American military began a blockade of the Strait of Hormuz.

On the ICE Futures exchange in London, the price of Brent crude oil futures for June is $97.89, which is $1.47, or 1.48%, lower than the previous close. On Monday, it had risen by $4.16, or 4.4%, to $99.36 per barrel.

The price of WTI crude oil futures for May fell $2.33, or 2.35%, to $96.75 a barrel in online trading on the New York Mercantile Exchange (NYMEX). In the previous trading session, it had risen $2.51, or 2.6%, to $99.08 a barrel.