London: Global oil prices dipped below the $90 mark on Tuesday, responding to announcements from European authorities about emergency stocks and comments from US President Donald Trump regarding the ongoing conflict in Iran.

According to Anadolu Agency, the European Commission announced on Monday that EU member states collectively maintain between 85 and 90 days of emergency oil reserves. This declaration aims to mitigate concerns about potential supply shortages despite the current trend of escalating global energy prices.

In a related development on Monday, President Trump stated that the conflict in Iran is "very complete, pretty much," suggesting a potential resolution that might influence market stability.

As of 1400 GMT on Monday, Brent crude futures were priced at $87.8 per barrel, having reached a low of $86.3 earlier. Meanwhile, the West Texas Intermediate (WTI) crude futures were at $84.5, with a decline to $82.5 observed on Tuesday. Both benchmarks had exceeded $110 per barrel at the start of the week, highlighting the volatile nature of the market.