Brent crude slipped below $105 a barrel after Washington said a damaged Saudi pipeline could resume operations within days, according to Anadolu Agency.
Brent crude slipped to around $102 a barrel and US benchmark WTI fell below $100, according to Anadolu Agency, as immediate concerns over Middle East supply disruptions eased.
The global oil benchmark dropped 3.7% on London's ICE exchange, marking its first dip under $102 in weeks, according to TASS.
Oil prices declined on London's ICE exchange, with WTI futures also dropping sharply, according to TASS.
Benchmark oil price jumped more than 3% during Tuesday trading, according to data reported by Russian news agency TASS.
Oil prices climbed Tuesday as the U.S. and Iran traded strikes over the weekend, fueling concerns over escalating tensions in the Middle East, according to CNBC.