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Oil prices fell by nearly 7 percent during Tuesday trading after reaching their highest levels in more than three years in the previous session, amid expectations voiced by U.S. President Donald Trump that the war in the Middle East could end soon.

Futures for Brent Crude dropped to about $92.21 per barrel, while West Texas Intermediate fell to $88.36.

Prices had surged on Monday to more than $119 per barrel amid fears of disruptions to global supplies due to the war involving the United States and Israel on one side and Iran on the other, before retreating following reports of contacts between Washington and Russia to explore a swift settlement to the crisis.