Oil prices ease as Trump hits pause on planned Iran attack

Oil prices were down around one per cent on Tuesday after US President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war.

On Monday, Trump posted on social media that he was holding off on a military attack that had been scheduled for Tuesday while efforts to reach a deal with Iran continued, adding that the US was ready to resume attacks if a deal is not reached.

Brent futures for July were down $1.28, or 1.14 per cent, at $110.82 a barrel by 12:49. The US West Texas Intermediate crude contract for June delivery, which expires on Tuesday, rose by one cent, or 0.01 per cent, to $108.67. The more-active July contract fell 58 cents, or 0.56 per cent, to $103.80.