Oil prices fell for a second straight session on Tuesday, weighed down by a decline in geopolitical risk premiums linked to easing tensions between the United States and Iran, alongside continued strength in the US dollar.
Brent crude futures slipped 39 cents, or 0.5%, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude fell 31 cents, or 0.5%, to $61.83 a barrel.
The decline follows losses of more than 4% in the previous session, after US President Donald Trump said that “serious talks” were underway with Iran. His comments fueled expectations of a potential de-escalation between the two countries, reducing fears of supply disruptions in the Middle East.
Analysts said the combination of easing geopolitical concerns and a stronger dollar has pressured crude prices, as a firmer greenback makes oil more expensive for holders of other currencies.
