After rising by more than 7% in the previous three sessions, oil prices paused their recent rise, falling in Asian trade on Tuesday.

West Texas Intermediate oil futures lost 36 cents, or 0.46%, to $77.06 per barrel, while Brent oil futures lost 32 cents, or 0.39%, to $81.11 per barrel at 0154 GMT. Oil markets are retreating slightly after significant gains over the past three sessions, boosted by expectations of cuts in American interest rates that could boost fuel demand, the military assaults between Israel and Hezbollah in Lebanon over the weekend that threaten a wider conflict in the Middle East that could disrupt supplies to the key production region, and the shutdowns of Libya. Oil has also been supported by the escalation of the conflict between Israel and Hezbollah, with a major exchange of missiles between them, with Hezbollah trying to take revenge for the assassination of a top commander last month