-- Oil futures declined below the $100 mark on Tuesday pressured by hopes of renewed talks between US and Iran.
Front-month West Texas Intermediate crude futures fell by 3.6% to $95.52 per barrel, while Brent futures declined over 2% to $97.31/bbl.
"Oil slipped back below [$]100 after Monday's rebound faded, amid tentative signs that Washington and Tehran may seek to revive previously stalled peace talks," Saxo Bank analysts said.
In its Monthly Oil Market Report, the International Energy Agency said on Tuesday that the Iran war has fundamentally upended its global energy outlook, with oil demand now expected to contract by 80,000 barrels per day this year.
Cumulative supply losses have reached 360 million barrels in March and are expected to hit 440 million barrels in April, driven by production curtailments and widespread infrastructure damage, the IEA said.
Top consumer China reported a 2.8% year-over-year decline in its crude oil exports in March at 49.98 million metric tons or about 11.77 million barrels per day, according to multiple media reports, citing the country's customs data published Tuesday.