Baghdad: Oil prices fell on Tuesday after hitting their highest level in more than three years in the previous session. Brent crude futures dropped by more than nine dollars to $89.58 a barrel, while US West Texas Intermediate crude fell by nine dollars to $85.77.

According to National Iraqi News Agency, oil prices had surged above $100 a barrel on Monday, reaching session highs of $119.50 for Brent and $119.48 for WTI, marking their highest levels since mid-2022. The decline in prices comes as a significant shift after the recent surge, reflecting changes in market dynamics.