Doha: Oil prices fell on Tuesday as investors awaited the outcome of potential talks between the United States and Iran, after the two sides exchanged missile strikes over the weekend in a test of a fragile ceasefire aimed at ending their four-month conflict: Brent crude futures for August delivery, which expire on Tuesday, fell 75 cents, or 1.03%, to $72.40 a barrel.

According to Qatar News Agency, the more actively traded September Brent contract declined 40 cents, or 0.54%, to $73.51 a barrel. US West Texas Intermediate (WTI) crude futures slipped 47 cents, or 0.66%, to $70.32 a barrel. Investors are closely monitoring the developments between the US and Iran, as any progress in talks could impact global oil supply dynamics.