Oil prices declined on Tuesday as traders assessed the risk of immediate supply disruptions amid renewed tensions between the United States and Iran.

International benchmark Brent crude futures dipped 1.3% to $112.85 per barrel at 4:34 a.m. ET, while U.S. West Texas Intermediate futures fell 2.5% to trade at $103.78. Brent and WTI settled 6% and 4% higher, respectively, on Monday.