Oil prices dropped significantly on Tuesday after U.S. Defense Secretary Pete Hegseth said the ceasefire between the United States and Iran remained in place, easing market fears of an immediate escalation in the Middle East.
On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for June delivery fell 4.15 U.S. dollars or 3.90 percent to settle at 102.27 dollars per barrel. Meanwhile, Brent crude for July delivery on the London ICE Futures Exchange dropped 4.57 dollars or 3.99 percent to close at 109.87 dollars per barrel.
Oil prices slide as Pentagon says US-Iran ceasefire holding
The U.S. dollar strengthened in late trading on Tuesday.
The dollar index, which measures the greenback against six major peers, added 0.07 percent to 98.441 at 1900 GMT.
In late New York trading, the euro was up to 1.1700 dollars from 1.1692 dollars in the previous session, and the British pound rose to 1.3551 dollars from 1.3534 dollars in the previous session.
The U.S. dollar bought 157.88 Japanese yen, higher than 157.24 Japanese yen in the previous session. The U.S. dollar was down to 0.7827 Swiss francs from 0.7836 Swiss francs, and it climbed to 1.3618 Canadian dollars from 1.3611 Canadian dollars. The U.S. dollar fell to 9.2598 Swedish kronor from 9.2861 Swedish kronor.
U.S. dollar ticks up
