Oil falls as Trump predicts Middle East de-escalation

Oil prices fell on Tuesday after hitting an over three-year high in the prior session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies. Brent futures fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while US West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel. Both the contracts fell as much as 11% earlier before paring some losses. Oil surged past $100 a barrel on Mondayto hit their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war with Iran stoked fears of major disruptions to global supplies.