Oil prices fall as supply concerns ease on hopes for US-Iran talks

LONDON: Oil prices fell on Tuesday as signs of possible talks to end the US-Israeli war on Iran eased supply fears stemming from the blockade of the Strait of Hormuz. Brent futures edged 37 cents lower, or around 0.37 percent, to $98.99 at 2:57 p.m. Saudi time, while US West Texas Intermediate crude fell $1.72, or 1.74 percent, to $97.36. Both benchmarks rose in the previous session, with Brent climbing more than 4 percent and WTI nearly 3 percent, after the US military began a blockade of Iran’s ports. Oil prices rose 50 percent last month, a record.