The oil price extended this week’s sharp fall on Tuesday, following a report of diplomatic progress between the US and Iran.
Brent crude prices fell 1.8 per cent to $102.84 a barrel, adding to a nearly 8 per cent drop on Monday, as traders pointed to an unconfirmed report in the Al-Araby Al-Jadeed news outlet that Washington and Tehran had made concessions in pursuit of a peace deal.