Brent crude falls 3% after nearing $112 — Anadolu Agency

On Tuesday, the price of Brent crude fell by about 3% to $106 per barrel after approaching $112 during the trading session. As of 14:40 GMT, the international benchmark was trading at $106.18 per barrel, down $3.37, or 3.07%, from the previous close, Anadolu Agency reports.

Price moved away from the daily high

Following the reversal, Brent quotations were nearly $6 below the intraday high. Despite Tuesday’s decline, this grade of crude has risen by about 6.8% over the past month and by nearly 75% compared with the same period last year.

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Market watched reports on diplomacy

Market participants were also monitoring reports on diplomatic efforts involving the United States and Iran. According to reports citing informed sources, Qatar and Pakistan allegedly proposed a compromise plan that supposedly received preliminary approval from Washington and Tehran.

According to these reports, the proposal envisaged confidential inspections of Iran’s nuclear facilities by the International Atomic Energy Agency. It was not possible to independently verify this information.