Tuesday saw a little decline in oil prices as traders considered the likelihood of a bigger impact from the confrontation between Israel and the Palestinian Islamist party Hamas. This came after the previous session's significant increases.

Us crude futures edged lower by 0.4% at $86.08 per barrel, meanwhile brent crude dipped by 0.3% to $87.86 per barrel.

The two benchmark contracts increased by more than 4% on Monday due to worries that additional nations in the oil-rich region will be drawn into the fight as a result of the battle between Israel and Hamas, which erupted into deadly bloodshed over the weekend.

Questions are being raised over the degree of Iran's backing for Hamas, which has always been openly expressed.

Since the end of 2022, Washington has ignored the fact that Iranian oil exports are increasing and evading American sanctions. Washington's top objective was to get a loose agreement with Tehran in order to give the globe greater space when OPEC's production restrictions took effect.

On Monday, the market also was buoyed after Saudi Arabia's energy minister, Abdulaziz bin Salman, declared that OPEC+'s worldwide production curbs will continue.