International oil benchmark Brent Crude fell below $90 a barrel for the first time since August on Tuesday as comments from U.S. President Donald Trump fueled hopes for an end to Washington's nearly nine-month conflict with Iran.
Brent, the price gauge for around 80% of global crude, was 2.65% lower at $90.14 at 5:33 a.m. ET after contracts with January expiry dipped below $90 earlier in the morning.
Trump said on Monday that the war with Iran could end "fairly soon" and that Tehran was "talking very politely" with Washington.
"We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon," he said at the White House following a meeting with Qatar's prime minister, Sheikh Mohammed bin Abdulrahman Al Thani. "Iran militarily is effectively over," Trump told reporters.
Trump also said in a Truth Social post that Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait would "prefer the status quo," namely maintaining a naval blockade against Iran and preventing the country from using ground routes to transport advanced weapons and other materials.