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Global crude oil benchmarks retreated more than 2% on Tuesday, breaking a four-session rally, as investors weighed a mix of trade frictions, geopolitical risks, and political uncertainty in the United States.

Brent settled down $1.58, or 2.3%, at $67.22 a barrel, after touching its highest level since early August in the previous session. 

WTI fell $1.55, or 2.4%, to $63.25.

Market sentiment was undermined by lingering doubts over Russia-Ukraine peace talks and fresh tariff tensions, particularly between Washington and New Delhi. Thinner trading volumes ahead of the US Labour Day holiday on 1 September also amplified volatility.

Adding further pressure, sources indicated that Russia has raised its August crude export programme from western ports by 200,000 barrels per day compared with its initial plan. The revision followed Ukrainian drone strikes that disrupted refinery operations, freeing up additional crude for overseas shipment.

Written by: Farid Muzaffar