Brent crude falls nearly five percent as US-Iran tensions ease

Brent crude oil prices fell sharply on Tuesday as geopolitical concerns in the Middle East showed signs of easing. September futures for the European benchmark crude dropped by 4.83 percent on the London futures market, closing at $84.09 per barrel.

The decline represents a $4.27 drop from the previous session's closing price of $88.36. Energy market participants attributed the sell-off to growing expectations of a diplomatic resolution or reduced hostility between the United States and Iran, which lowered the perceived risk of supply disruptions in the region.

Sources: Jornal Económico.