Oil futures fell more than $2 a barrel on Tuesday as traders focused on Middle East peace talks, though prices remained near six-month highs. Brent was down 1.8% at $113.72 a barrel and U.S. WTI fell 1.9% to $99.83.
Brent crude futures fell $2.09, or 1.8%, to $113.72 a barrel, while U.S. West Texas Intermediate declined $1.93, or 1.9%, to $99.83. Prices remained near six-month peaks as traders weighed diplomatic talks against ongoing conflict and supply risks.
Iran, Saudi Arabia, Turkey and Pakistan agreed to continue talks on peace and security. The Houthis said they struck Saudi Arabia’s Ras Tanura oil refinery with a ballistic missile, while October saw the highest number of attacks on commercial shipping near the Strait of Hormuz since 2017.
UBS expects Brent to stay near $110 a barrel through year-end, up from its previous forecast of $100, citing volatile Middle East supply and geopolitical uncertainty. Separately, Russian crude exports from Baltic and Black Sea ports were forecast to fall next month as domestic refineries plan to raise output.
