(RTTNews) – Oil prices fell sharply on Tuesday, after having jumped more than 4 percent in the previous session amid ongoing uncertainty over talks between the United States and Iran to end their war and reopen the Strait of Hormuz.
Brent crude futures for August delivery were down 1.7 percent at $93.35 a barrel, while WTI crude futures for July delivery fell 1.6 percent to $90.65.
Investors assessed mixed signals over the status of peace talks after Iran suspended indirect negotiations with the U.S. in protest of Israel’s actions in Lebanon.
Contradicting that claim, U.S. President Donald Trump said talks with Iran were continuing at a rapid pace and that Israel and Hezbollah have agreed to dial back fighting.
The Lebanese government announced that a limited ceasefire has been reached between Israel and Iranian-backed Hezbollah.
However, fighting continues in southern Lebanon, keeping the situation fluid.
Israeli Prime Minister Benjamin Netanyahu said that he spoke with U.S. President Trump by phone and told him that the Israel Defense Forces (IDF) will continue to operate as planned in southern Lebanon if Hezbollah doesn’t stop firing at Israel.
Trump told ABC News that he anticipates securing an agreement with Tehran to extend the ceasefire and reopen the Strait of Hormuz “over the next week.”
Separately, speaking to CNBC, Trump said he don’t care if peace negotiations with Iran are over, adding he thought the protracted discussions “started to get very boring.”
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