Jun 09, Kathmandu - Oil prices have fallen in international markets as tensions between Israel and Iran ease and markets are optimistic about a possible peace deal.

Brent crude, the global benchmark, fell about 2 percent to $92.40 a barrel on Tuesday. Similarly, the price of US West Texas Intermediate (WTI) also fell 2.41 percent to $89.10 a barrel.

Oil prices fell on news that Israel and Iran have resumed hostilities after recent missile attacks. The positive signs in the energy market are also due to US President Donald Trump's claim that an agreement between the US and Iran could be reached within days.

Trump said that the Strait of Hormuz, which is crucial for world trade, would be fully operational immediately after the possible deal. However, analysts said that Iran will continue to have influence over the sea route in the future.

Asian stock markets rose on Tuesday as oil prices fell. On Monday, most stock markets in the region were down. Futures for the Dow Jones, Nasdaq and S&P 500 in the US are pointing to higher open rates, while major European stock indexes remain in the green.