Doha: Oil prices fell at the start of Asian trading Tuesday: as signs of a possible dialogue between the United States and Iran eased supply concerns stemming from the US blockade of the Strait of Hormuz.

According to Qatar News Agency, Brent crude futures fell $1.86, or 1.87 percent, to $97.50. Similarly, US West Texas Intermediate (WTI) crude also declined $2.25, or 2.27 percent, to $96.83. Both benchmarks had risen in the previous session, with Brent crude climbing more than 4 percent and WTI crude about 3 percent, after the US military began a blockade of Iranian ports.

The potential dialogue between the US and Iran has brought some relief to the markets, which were previously concerned about the impact of the blockade on oil supply. The situation remains fluid, but traders are closely monitoring developments as they unfold.