International Oil Prices Drop Below $70 per Barrel

International oil prices slipped under $70 per barrel on Tuesday.

Crude oil extracted from reserves operated by the United Arab Emirates stood at $69 per barrel, down nearly 2 percent in the past 24 hours.

Western Texas Intermediate (WTI) stood at $72.6 (-1.6%) while Brent hovered at $76.6 per barrel (-1.6%).

Oil first started falling near $70 per barrel last week when Iran and the US agreed to meet in Switzerland for war talks. Pakistan and Qatar mediated all sessions between the two sides.

Brent crude still remains above the levels seen before the latest US-Iran war. The benchmark had traded below $70 per barrel earlier this year before rising after US-Israel declared war on Iran.