Muscat: Oil prices fell more than 2% on Tuesday in early Asian trade after US President Donald Trump announced he had paused a planned attack on Iran. Brent futures for July delivery saw a decrease of $3.01, or 2.7%, settling at $109.09 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude for June delivery dropped by $1.38, or 1.3%, to $107.28.

According to Qatar News Agency, the previous session witnessed the benchmarks reaching their highest levels since May 5 and April 30, respectively. The June WTI contract is set to expire on Tuesday, while the most active July contract experienced a decline of $2.06, or 2%, closing at $102.32 per barrel.