New Delhi, 14 April (H.S.):

Crude oil prices eased on Tuesday and returned to around $96 per barrel as hopes grew that talks between Iran and the United States could move forward, reducing immediate fears of a wider supply shock.

In early trade, West Texas Intermediate fell by $2.29, or 2.31 per cent, to $96.79 per barrel, while Brent dropped $1.47, or 1.48 per cent, to $97.483 per barrel.

The decline came a day after prices surged by more than 7 per cent on Monday, when President Donald Trump announced a blockade on the Strait of Hormuz, pushing crude to around $104 per barrel.

Analysts said the market is likely to remain volatile until tensions ease and a clearer understanding emerges between Washington and Tehran, given the strategic importance of the Strait of Hormuz to global energy supplies.

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Hindusthan Samachar / Jun Sarkar