Brent settles at $103.60, its lowest close since 7 October

Brent fell 1% to settle at $103.60 a barrel on Tuesday, and West Texas Intermediate settled at $96.09, its lowest since 14 October. A senior Iranian official told Reuters that the US and Iran are still far from a deal, while Qatar said both remain committed to mediation.

The US struck Iran’s Qeshm Island overnight, targeting surface-to-air missiles, according to a US official, and another official described the strikes as limited. Russia confirmed three-way talks with Ukraine and the US in Abu Dhabi on 10 and 11 November. Aramco said it is expanding a crude pipeline that bypasses the Strait of Hormuz.