US-Iran war, May 19 -- Oil prices declined by more than 2% during early Asian trading on Tuesday after US President Donald Trump announced that he had put a proposed attack on Iran on hold to create room for negotiations aimed at ending the Middle East conflict.

Brent crude futures for July delivery dropped $3.01, or 2.7%, to $109.09 per barrel, while US West Texas Intermediate (WTI) crude for June delivery slipped $1.38, or 1.3%, to $107.28 per barrel. In the previous session, both benchmarks had touched their highest levels since May 5 and April 30, respectively.

The June WTI contract is set to expire on Tuesday, while the more actively traded July contract declined $2.06, or 2%, to $102.32 a barrel.

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