Brent crude fell more than one per cent, slipping below its closing level on the eve of the Middle East war, as investors grow optimistic about US-Iran peace talks and tankers continue through the Strait of Hormuz, AFP reports.

The contract for August hit a low of $72.44 a barrel, compared with the February 27 close of $72.48. Brent soared as high as $119 in the weeks after the United States and Israel began their strikes on Iran on February 28.