Singapore, July 27 (QNA) - Oil prices tumbled more than 5% in early Asian trading on Monday after a second consecutive night without US strikes on Iran eased concerns over a broader regional conflict.
Brent crude futures fell $4.89, or 5.05%, to $91.89 a barrel after briefly slipping below the key $90 support level earlier in the session.
US West Texas Intermediate (WTI) crude futures dropped $4.67, or 5.23%, to $84.64 a barrel.
Both benchmarks traded at their lowest levels in about a week, retreating after rallying over the previous three weeks. Brent had climbed as high as $100 a barrel as the conflict spread to the Red Sea, fueling concerns over disruptions to global oil supplies.
The sell-off followed two consecutive nights without U.S. military strikes on Iran, a pause that eased fears of an imminent escalation in the conflict and prompted traders to scale back the geopolitical risk premium that had supported oil prices in recent weeks. (QNA)