Oil falls over 2% as Trump says he holds off scheduled attack on Iran

Oil prices fell more than 2% in early ​Asian trade on Tuesday after US President Donald Trump said he had paused a planned attack ‌on Iran to allow for negotiations to end the war in the Middle East. Brent futures for July delivery fell $3.01, or 2.7%, to $109.09 a barrel as of 0001 GMT, while US West Texas Intermediate crude for June delivery fell $1.38, or 1.3%, ​to $107.28. The two benchmarks had hit their highest levels since May 5 and April 30, respectively, ​in the previous session. The June WTI contract expires on Tuesday, while the most active ⁠July contract fell $2.06, or 2%, to $102.32 per barrel. Trump said on Monday there was a “very good chance” the United ​States could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon, hours after announcing ​the pause in military action to allow talks.