Brent August futures fell 0.4% to $93.80 per barrel; WTI fell 0.5% to $90.86 per barrel in Asian trade.
Prices retreated after a fragile cease‑fire between Israel and Iran was announced following an appeal by U.S. President Donald Trump, who posted on social media that both sides were seeking an immediate cease‑fire.
The cease‑fire follows a weekend of missile exchanges and attacks on petrochemical facilities, with Iran warning it could resume attacks if Israeli operations continue.
Shipping through the Strait of Hormuz remains blocked by a double blockade imposed by Tehran and Washington, providing a floor under oil prices.
OPEC+ is gradually restoring output in the coming months, but the additional barrels are unlikely to fully offset the supply disruption caused by the Hormuz blockade.
