Oil prices are declining on Tuesday morning after falling at the close of the previous session, driven by signs of de-escalation of the conflict in the Middle East.

September futures for Brent crude on the London-based ICE Futures exchange are trading at $87.18 per barrel, which is $1.18 (1.34%) lower than at the close of the previous trading session. On Monday, they plunged by $8.42 (8.7%) to $88.36 per barrel.

September WTI crude futures in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $1.01 (1.22%) to $81.60 per barrel. Following the previous session, their price dropped by $6.7 (7.5%) to $82.61 per barrel.