Oil prices fell more than $4 a barrel after US President Donald Trump held off a fresh attack on Iran as he sought a quick deal that would reopen the Strait of Hormuz, Reuters reports.
Brent crude futures fell $4.23, or 4.8pc, to $83.70 by 3:11pm PKT, having retraced some losses from a three-week low hit earlier in the session.
US West Texas Intermediate crude was at $79.60 a barrel, down $5.07, or 6pc. Both benchmarks marked their biggest daily falls in absolute and percentage terms since last Monday.
Both contracts had jumped more than 20pc last month after fighting between the US and Iran resumed and attacks on several tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oil.
