ISTANBUL

Brent crude oil prices fell around 3% to below $105 per barrel in international futures markets on Tuesday, reversing earlier gains, as market volatility eased after the recent war-driven surge.

The international benchmark was trading at $103.42 per barrel as of 1645GMT, while the US benchmark West Texas Intermediate stood at $101.45 per barrel.

Oil prices had surged on Monday following attacks on several refineries at Iran’s South Pars natural gas field in the Persian Gulf and Iran’s subsequent retaliation, heightening concerns over supply disruptions in the region.

Despite Monday's spike, prices later pulled back below the $105 threshold, though markets remained highly volatile amid investor concerns that the broader Gulf conflict could still fuel inflation and recession risks worldwide.

Brent has still posted sharp gains in recent sessions as traders continue to price in geopolitical risk tied to the Middle East conflict and possible disruption to energy flows.