Global crude oil prices fell slightly as traders focused on uncertainty surrounding ongoing discussions between the United States and Iran. According to a Reuters report, Brent crude dropped by 75 cents to 94.23 dollars per barrel, while West Texas Intermediate (WTI) declined by 85 cents to 91.31 dollars. The price drop followed a sharp rise just a day earlier.

The report noted that despite a price increase on Monday, oil prices had fallen by more than 16 percent in May amid hopes for a broader agreement between Washington and Tehran and the continuation of a ceasefire. Market participants had expected that such an agreement could boost Iranian oil exports and increase global supply.

Senior market analyst Priyanka Sachdeva said that although traders had hoped the potential deal would reduce uncertainty, no significant change in market conditions was observed as of Tuesday morning.