Loading…
- International oil benchmark retreats from intraday high as markets monitor US-Iran diplomatic developments - European gas prices fall 3% from highest level since December 2022
ADDS EU GAS PRICES; REVISES, EXPANDS DECKS
By Mucahithan Avcioglu
ISTANBUL (AA) - Brent crude fell around 3% to about $106 per barrel on Tuesday, reversing earlier gains after approaching $112 during the session.
The international oil benchmark traded at $106.18 per barrel, down $3.37, or 3.07% as of 1440GMT, from the previous close.
The decline put Brent nearly $6 below its intraday high, marking a sharp reversal in prices.
The pullback came as markets monitored reports of diplomatic efforts involving the US and Iran, with Qatar and Pakistan reportedly presenting a compromise proposal.
Reports citing informed sources said the proposal had received preliminary approval from Washington and Tehran and included confidential International Atomic Energy Agency inspections of Iranian nuclear sites.
The reported proposal could not be independently verified.
Despite Tuesday's retreat, Brent remained about 6.8% higher over the past month and nearly 75% above its year-earlier level.
European natural gas prices also fell 3% to €85.30 ($95.80) per megawatt-hour, retreating from their highest level since December 2022 amid hopes for a diplomatic resolution to the war in Iran.
Restricted LNG shipments from the Gulf continued to raise concerns over Europe's ability to replenish gas storage before winter.
European gas inventories stood at 74.47% of capacity on Monday, remaining below typical levels for this time of year.
Mücahithan Avcıoğlu
