Brent down 1.8% as Iran talks advance

Brent crude fell $2.09, or 1.8%, to $113.72 a barrel by 1744 GMT on Tuesday, while US West Texas Intermediate dropped $1.93, or 1.9%, to $99.83. The Express Tribune reported that traders weighed progress in Middle East peace discussions against continuing regional conflict and concerns about further fighting.

Iranian officials held discussions with representatives of Saudi Arabia, Turkey and Pakistan, and state media said the four countries would continue talks on peace and security. UBS expects Brent to average near $110 a barrel through year-end, revising its earlier end-year view of $100; meanwhile, people briefed on OPEC+ plans said the group is likely to leave December output targets unchanged, although no decision has been made.