Oil prices were down by more than 5 per cent on Tuesday, with Brent falling below $80 for the first time in nearly a month, as markets digested conflicting claims over possible negotiations between the US and Iran.
Brent was down 5.13 per cent to $79.47 a barrel at 8.33pm UAE time. The last time it was below $80 was in the second week of July, before hostilities resumed. West Texas Intermediate retreated 5.43 per cent to $75.98 per barrel. WTI was last below $70 in the first week of July.
US President Donald Trump on Monday said Washington was restarting talks with Tehran, claiming the latter was keen to forge a deal, but eventually blasted Iran for being “duplicitous” in their stance.
Iran quickly denied that, saying their only active discussions were with Oman on the reopening of the Strait of Hormuz.
