New Delhi, May 19 -- Global crude prices fell around 2% on Tuesday morning after US president Donald Trump announced to defer a planned military strike on Iran.

At 8:15 AM, the July contract of Brent on the Intercontinental Exchange was trading at $109.68 per barrel, lower by 2.16% from its previous close, while the June contract of the NYMEX fell 1.61% to $102.70 a barrel.

On Monday, Trump said that he shelved plans for a "scheduled attack of Iran" following requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates. Further, the extension of the waiver on the US sanctions on import of Russian oil also eased the supply concerns.

The war and the subsequent blockade of the Strait of Hormuz and the naval blockade of Ir...