Oil prices have dropped, paring the previous session’s sharp gains, as Iran reviews a proposed agreement with the United States to halt the war between the two countries, Reuters reports.

Brent crude futures are down $0.69, or 0.7 per cent, to $94.29 a barrel at 1307 GMT, while US West Texas Intermediate has fallen $0.82, or 0.9pc, to $91.34 a barrel.