Brent falls 3% as oil prices reverse earlier rally towards $112

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.

Mücahithan Avcıoğlu