Oil prices fall more than 2% as Brent drops below $84

Global oil prices fell by more than 2% during daytime trading, with Brent crude dropping below $84 per barrel for the first time since mid-month, Report informs.

October Brent crude futures declined 2.34% from the previous close to $83.86 per barrel.

At the same time, September futures for US West Texas Intermediate (WTI) crude fell 2.28% to $80.73 per barrel.

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Oil prices declined on Tuesday morning after posting losses in the previous session, as signs of de-escalation in the Middle East reduced concerns over potential supply disruptions, Report informs.

Brent crude futures for September delivery fell 1.34% to $87.18 per barrel on the London ICE Futures exchange.

Meanwhile, September futures for US West Texas Intermediate (WTI) crude dropped 1.22% to $81.60 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

Market sentiment was supported by reports that the US military halted overnight strikes on Iran over the weekend. According to the report, US President Donald Trump ordered the pause in an effort to pursue a diplomatic resolution to the conflict.