International oil prices declined sharply on Tuesday, with benchmark crude contracts falling below $90 per barrel after a ceasefire between Iran and Israel helped ease fears of further escalation in the Middle East.

The decline came despite continued tensions in the region. Earlier, Israel carried out strikes against Hezbollah-linked positions near its border with Lebanon, raising concerns about the broader security situation.

At the time of reporting, West Texas Intermediate (WTI) crude was trading around $88 per barrel, down approximately $2.80 or 2.6 percent. Brent crude also fell by more than $2, or roughly 2.1 percent, slipping below the $90 mark.

Oil markets have experienced significant volatility since the outbreak of the Iran-Israel conflict earlier this year, with prices reacting sharply to military developments and political statements.

On Monday, U.S. crude futures climbed to nearly $94 per barrel amid concerns over potential supply disruptions before reversing course as ceasefire prospects improved.

Analysts noted that geopolitical developments continue to play a major role in shaping oil market sentiment, with traders closely monitoring any signs of renewed conflict or further de-escalation in the region.