Doha: Oil prices fell by nearly 2% Tuesday, reversing gains from the previous session, as traders closely monitored developments in the Ukraine conflict and its potential impact on Russian fuel supplies. Brent crude dropped $1.28, or 1.9%, to $67.52 per barrel by 11:19 a.m. Eastern Time, after reaching its highest level since early August.

According to Qatar News Agency, U.S. West Texas Intermediate (WTI) crude fell $1.30, or about 2%, to settle at $63.50 per barrel. The fluctuation in prices comes amid heightened concerns over potential disruptions in the supply chain due to the ongoing geopolitical tensions involving Russia.

Industry analysts are paying close attention to the situation, as Russia is a key player in the global oil market. Any substantial disruption in its oil exports could have significant ramifications for global supply and pricing. Traders remain vigilant as they assess how the conflict might influence future oil dynamics.