Oil prices tumbled more than five percent Tuesday after a report said Israeli Prime Minister Benjamin Netanyahu told US President Joe Biden he would not strike Iran’s crude or nuclear facilities.
Oil prices were also pushed down by worries about demand in China after Beijing failed to announce any new stimulus for its stuttering economy at a weekend briefing.
Major stock markets were mostly lower with declines in Shanghai, Hong Kong and London, while Frankfurt rose on a report showing reviving investor confidence.
Key US oil contract, West Texas Intermediate, tumbled more than five percent to $69.71 per barrel.
European benchmark Brent North Sea crude also slumped by a similar amount to $73.34, before clawing back some losses.