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Crude Oil Prices Drop as Trump Pauses Planned Attack on Iran

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Crude oil prices declined on Tuesday after U.S. President Donald Trump held off on a planned military attack on Iran as negotiations to end the war resumed.

Brent crude at last look lost 1.6% to US$110.29/barrel and West Texas Intermediate crude fell 1.1% to $107.50/barrel. Trump also said the U.S. was ready to attack if a deal to end the war in the Middle East is not reached, Reuters said in a Tuesday report.

"We continue to jump from one news cycle to the next, with plenty of noise being created but, so far, no meaningful developments pointing toward the beginning of the end of the war," Reuters quoted Ole Hansen of Saxo Bank as saying.

The crucial Strait of Hormuz has been effectively closed amid the war resulted in a massive oil supply disruption, the report noted.

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