Investing.com -- Oil prices appear to be settling into a new range between $72 and $75 per barrel, according to Petrobras CEO Magda Chambriard, who noted that the market has not yet fully normalized amid ongoing Middle East conflict.

The Brazilian state-run oil company's chief executive told reporters that uncertainty remains in the market due to the continuing regional tensions.

Petrobras announced a reduction in diesel prices for distributors on Tuesday. Chambriard said in an interview later that day that this price cut already accounts for the recent decline in Brent crude prices.

Brent crude settled at $72.92 per barrel in the previous trading session. This level is close to the price seen on February 27, which was the day before the United States and Israel began their military campaign against Iran.