Brent prices fall 1.8% amid Iran talks — The Express Tribune

Brent crude futures fell by $2.09, or 1.8%, to $113.72 per barrel on Tuesday. U.S. West Texas Intermediate crude lost $1.93, or 1.9%, falling to $99.83 per barrel. As The Express Tribune reports, traders focused on peace talks in the Middle East, but prices remained near a six-month high.

Talks involving Iran

Head of Iran's Security Council Mohsen Rezaei met with the country's supreme leader, Ayatollah Mojtaba Khamenei, the day after talks with representatives of Saudi Arabia, Turkey, and Pakistan. Iranian state media reported that Khamenei stressed the importance of defending Iran's interests and maintaining Tehran's conditions for ending the war.

According to Iranian state media, representatives of the four countries agreed to continue talks to strengthen cooperation in the areas of peace and security.

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UBS forecast and OPEC+ expectations

Swiss bank UBS raised its year-end Brent price forecast from $100 to $110 per barrel. The bank attributed this to instability in supplies from the Middle East and geopolitical uncertainty. UBS also noted that vessel traffic through the Strait of Hormuz had increased, but the number of attacks on ships was rising.

At the same time, seven core OPEC+ members, according to three informed Reuters sources, are unlikely to change December production targets during an online meeting on Sunday. The sources stressed that no final decision has yet been made.