Brent falls as Iran's president discusses mediation with CDF Munir

Brent crude ended Tuesday at $108.79 a barrel, down 76 cents, or 0.69%, after reaching $111.99, its highest level in five months. The Express Tribune reported that traders balanced diplomatic discussions in Tehran between Iranian President Masoud Pezeshkian and Field Marshal Asim Munir against continuing regional security concerns.

The November US West Texas Intermediate contract closed 1.8% lower at $101.79, while the more actively traded December contract finished at $97.82. Houthi claims of attacks on Saudi energy and other targets, reports of at least 18 vessel attacks over two weeks, and uncertainty over regional supply kept oil above $100 a barrel despite the session's declines. The article also noted that Russian diesel shipments are again heading towards Turkey and Brazil.