Beirut: Oil prices dipped on Tuesday as hopes of more peace talks between the US and Iran eased concerns about further disruptions to energy supplies. The price of global benchmark Brent crude fell by about 1% to $98.40 (£72.85) a barrel, while US-traded oil dropped by 1.7% to $97.40.

According to National News Agency - Lebanon, President Donald Trump stated that Tehran had contacted Washington about a potential agreement. Earlier, oil prices had jumped above $100 a barrel following Trump's order to blockade Iran's ports after negotiations between the two sides failed over the weekend.

Speaking to reporters outside the White House on Monday, Trump said, "I can tell you we've been called by the other side. They'd like to make a deal very badly." In a separate report, the New York Times noted that Iran had proposed suspending uranium enrichment for up to five years, an offer rejected by the US, which insisted on a 20-year suspension.

The report, citing Iranian and US officials, also mentioned that Washington and Tehran had exchanged proposals for suspending Iran's nuclear activity during talks in Pakistan, but the two sides remained far from reaching an agreement.