Oil prices posted sharp losses in early trading, shortly after markets opened in Asia, as investors appeared relieved following two consecutive nights without US bombardments of Iran or Iranian retaliatory attacks, developments that seem to leave the door open for talks between the opposing sides to resume.

The price of Brent North Sea crude, the international benchmark, fell 5.58% to $91.38 per barrel. Meanwhile, West Texas Intermediate (WTI), the US benchmark, declined 5.46% to $84.43 per barrel.