Oil prices declined on Tuesday in Asia, stepping back from the 3-and-a-half-year peak as traders awaited US President Donald Trump’s decision on whether to impose renewed sanctions on Iran.

Crude oil from WTI futures for delivery in June traded at $69.97 per barrel, or 1.07 percent lower. Brent Oil Futures for delivery in July was 0.89 percent lower, trading at $75.49 per barrel.

This came after the prices rose higher than $70 per barrel for the first time since November 2014, amid looming concerns over possible Iran sanctions that threatened to disrupt supplies of oil.