Oil prices fall 4pc

Oil prices fell about 4 percent in volatile trade on Tuesday, as two vessels passed through the Strait of Hormuz and the United States said the ceasefire with Iran remained in place despite exchanges of fire. After jumping about 6 percent in the prior session, Brent futures fell USD4.57, or 4 percent, to settle at USD109.87 a barrel, while US West Texas Intermediate crude fell USD4.15, or 3.9 percent, to settle at USD102.27. “The complex may have seen some selling related to optimistic comments from the Trump Administration regarding the continued ceasefire with Iran,” analysts at energy advisory firm Ritterbusch and Associates said in a note.