Oil prices extended their decline on Tuesday as Brent crude futures fell 1.73% to $104.80 a barrel, while US West Texas Intermediate (WTI) crude declined 1.99% to $91.87.
The losses extend the softer trend from the previous session, with both benchmarks surrendering some of their earlier gains amid shifting expectations for global oil supply.
Improved physical supply flows from the Middle East have helped ease concerns about disruptions to crude exports. Higher loadings through the Strait of Hormuz and continued operations on Saudi Arabia’s East-West pipeline have supported the recovery in supply.
Uncertainty surrounding US-Iran relations continues to underpin oil prices, as traders weigh the possibility of renewed disruptions against signs of improving exports.
