Brent fell below $90 a barrel for the first time since August after US President Donald Trump said further US military action against Iran was no longer necessary and that the war could end soon.
Brent, the benchmark for two thirds of the world's oil, slid briefly below $90 per barrel to inch upwards to $90.32 a barrel at 1.33pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 2.27 per cent lower at $84.77a barrel.
Oil markets are reacting to Mr Trump’s comments on ending the Middle East war that is expected to improve supplies from the region.
"At this point, taking the military action doesn’t seem to be a very necessary thing … I think it’s going to be ending fairly soon," Mr Trump said at the White House on Monday, after a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman.
