As the Iran war reaches its 11th day, oil prices have dropped, and stock markets are expected to follow suit, despite US President Donald Trump's unclear statements on the conflict's conclusion.

Brent crude oil dipped below $90 a barrel early on Tuesday after skyrocketing above $118 on Monday, in what was a six-year high, The Caspian Post reports, citing foreign media.

Additionally, WTI tumbled as low as $82 per barrel but settled at around $87 come 8pm last night.

The FTSE 100 is on track to open later around 0.4% higher than yesterday, according to trading platform IG, which would see the recovery of a 1.8% downturn the market saw on Monday.

On Monday evening, Trump described the US’s objective in Iran as “complete” and declared that it “could be over soon” as there “is nothing left in a military sense”.

Despite indicating a climb down in the conflict, he called Iran a “terrorist regime” looking to “hold the world hostage and attempt to stop the globe’s oil supply.”

“If Iran does anything to do that, they’ll get hit at a much, much harder level,” he added.

Notwithstanding an oil price decrease and stock market recovery, the Strait of Hormuz shipping lane remains effectively closed - a key issue in the Iran conflict.

The strait, which typically accounts for about a fifth of global oil and natural gas deliveries, has been heavily restricted for 10 straight days.

Iran has continued attacks on tankers, ports and diplomatic areas, with debris from a drone intercepted over Fujairah, on 3 March, sparking a fire.

The attack imperils a major oil storage site - and a strategic alternative export route to bypass Hormuz.

JP Morgan highlighted that oil cuts due to the conflict had reached around 3.5 million barrels per day in an assessment conducted over the weekend, with most cuts coming from Iraq - curtailing output by 3.2 million bpd

Meanwhile, Kuwait had reduced production by about 300,000 bpd.