Oil prices continue to fall on hopes of new US-Iran peace talks

USA: Oil prices continued to fall on Tuesday as hopes of more peace talks between the US and Iran eased concerns about further disruptions to energy supplies.

The price of global benchmark Brent crude is down 3.8% so far in Tuesday trading to $95.54 a barrel, while US traded West Texas Intermediate is down 6.1% to $92.85.

The falls come after oil prices jumped above $100 a barrel on Monday, before falling back, following US President Donald Trump’s order to blockade Iran’s ports after negotiations failed between the two sides at the weekend.

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Trump later said that Tehran had contacted Washington about a potential agreement.

Speaking to reporters outside the White House on Monday, he said: “I can tell you we’ve been called by the other side. They’d like to make a deal very badly.”

Separately, the New York Times reported that Iran had proposed suspending uranium enrichment for up to five years, an offer rejected by the US which insisted on 20 years.