Crude oil prices fell in international markets after reports that the US Treasury Secretary may lift sanctions on Iranian oil, easing concerns over Middle East supply disruptions.

London Brent crude dropped by $1.30 to $107.35 per barrel, while US crude oil contracts for May fell by $1.62 to $93.93 per barrel.

Prices had previously surged to $119 per barrel amid regional tensions, with some analysts warning they could have reached $150 per barrel.

The potential easing of sanctions has eased some of the upward pressure on oil markets, reflecting expectations of increased supply from Iran.