A drop in oil prices following the hope of a peace agreement; Brent still near 6-month high Brent and West Texas Intermediate oil prices fell on Tuesday under the influence of growing hopes for an agreement to end the war between the US and Israel against Iran; however, continued attacks on Saudi Arabia and concerns about the security of oil tanker traffic in the Strait of Hormuz prevented further price declines.

A drop in oil prices following the hope of a peace agreement; Brent still near 6-month high Brent and West Texas Intermediate oil prices fell on Tuesday under the influence of growing hopes for an agreement to end the war between the US and Israel against Iran; however, continued attacks on Saudi Arabia and concerns about the security of oil tanker traffic in the Strait of Hormuz prevented further price declines.