Oil prices fall over 2% after Trump pauses Iran strike plan

Oil prices dropped more than 2% in early Asian trading on Tuesday after US President Donald Trump said he paused a planned attack on Iran to allow time for negotiations aimed at ending the conflict, according to Reuters.

Brent crude futures for July delivery fell $3.01, or 2.7%, to $109.09 a barrel, while West Texas Intermediate (WTI) crude for June delivery dropped $1.38, or 1.3%, to $107.28. The benchmarks had hit their highest levels since early May and late April in the previous session.

Analysts said markets were watching whether the move signals de-escalation or a temporary reprieve in tensions.