OMM Newsroom
Brent crude fell around 3% to about $106 per barrel on Tuesday, reversing earlier gains after approaching $112 during the session, Anadolu Agency reported.
The international benchmark was trading at $106.18 per barrel at 14:40 GMT, down $3.37, or 3.07%, from the previous close.
The decline left Brent nearly $6 below its intraday high, marking a sharp reversal.
The pullback came as markets followed reports of diplomatic efforts involving the US and Iran, with Qatar and Pakistan reportedly presenting a compromise proposal.
Reports citing informed sources said Washington and Tehran had given preliminary approval to the proposal, which included confidential International Atomic Energy Agency inspections of Iranian nuclear sites. The reported proposal could not be independently verified.
Despite Tuesday’s decline, Brent remained about 6.8% higher over the past month and nearly 75% above its level a year earlier.
