Geneva: Oil prices fell on Tuesday, erasing gains from the previous session as expectations of US-Iran peace talks this week raised hopes for increased supply from the Middle East. Brent crude futures fell 95 cents, or 1 percent, to $94.53 a barrel, while US West Texas Intermediate (WTI) crude futures for May delivery dropped $1.54, or 1.72 percent, to $88.07.

According to Qatar News Agency, both benchmarks rose on Monday, with Brent climbing 5.6 percent and WTI gaining 6.9 percent. The anticipation of diplomatic discussions between the US and Iran has influenced the oil market, potentially leading to changes in supply dynamics.