MUSCAT : Brent crude futures initially fell 24 cents, or 0.23 percent, to $92.33 per barrel, while US West Texas Intermediate (WTI) crude dropped 35 cents, or 0.40 percent, to $86.50 per barrel.

Prices extended their losses later in the session, with Brent falling by $1 to $91.56 per barrel and WTI declining by $1 to $85.79 per barrel.

The latest decline follows a sharp 5.85 percent drop in Brent crude during the previous trading session, when prices touched their lowest level since August 31.

The downturn came after Trump said on Monday that he would hold off on launching new military strikes against Iran for the time being, following appeals from countries in the region.

The announcement helped ease market concerns over potential supply disruptions in the Middle East, a key oil-producing region.

Tim Waterer, an analyst at KCM Trade, said markets were responding to Trump’s softer approach towards Iran following the US midterm elections.

“The market continues to prioritize the more conciliatory tone adopted by President Trump towards Iran since the midterm elections,” Waterer said.

He added that although attacks on vessels in maritime shipping routes continued, the incidents had not escalated sufficiently to trigger a fresh risk premium in oil markets.

Meanwhile, the official price of Oman crude oil for delivery in January fell to $88.30 per barrel on Tuesday, marking a decline of $5.95 from Monday’s price of $94.25.

Despite the latest drop, the monthly average price of Omani crude oil for November delivery stood at $114.07 per barrel, an increase of $26.23 compared with the average price for October delivery.

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