Crude prices fell Tuesday on hopes of an end to the Iran-Israel conflict, alleviating worries of supply disruptions in the Middle East - a major oil-producing region.

At 05:45 ET, Brent futures dropped 3.1% to $68.30 a barrel and U.S. West Texas Intermediate crude futures fell 3.1% to $66.40 a barrel.

Both the oil benchmarks settled over 7% lower in the previous session after rallying to five-month highs after the U.S. attacked Iran’s nuclear facilities over the weekend, and have continued to drop, falling to their lowest in two weeks.

Iran is OPEC’s third-largest crude producer, and the easing of tensions could allow it to export more oil and prevent supply disruptions.