Brent crude falls below $90 on US-Iran peace hopes

Brent North Sea crude fell below $90 a barrel on Tuesday for the first time since August, as hopes grew for an end to the US-Iran war.

The international benchmark dropped 3.1% to $89.66 a barrel. The main US contract, West Texas Intermediate, fell 2.3% to $84.86.

US President Donald Trump said Monday there was momentum toward ending the war with Iran. He said the situation was “militarily, is effectively over,” while leaving open the possibility of new strikes.