Oil prices fall on hopes of ending geopolitical conflicts

Oil prices settled lower on Tuesday as investors assessed the prospects of reaching agreements to end the wars in Ukraine and the Middle East, while weighing concerns over further supply disruptions following recent attacks in both conflicts.

Reuters quoted an Iranian official as saying that Washington and Tehran remained far from reaching an agreement to end the war. Qatar, which is playing a mediating role, stepped up efforts to bridge differences and prevent a renewed escalation following the US elections.

Iran's Qeshm Island came under US strikes overnight, reportedly targeting surface-to-air missiles used against US assets. The attacks revived concerns over escalation, despite Washington's recent openness to a diplomatic track.

Separately, Iran said it had delivered its response to a settlement proposal to the US, describing the US response as unconvincing.

On the Russia-Ukraine front, the Kremlin confirmed that Moscow would take part in trilateral peace talks with Kyiv and Washington on Nov. 10-11. Meanwhile, the two neighboring countries resumed mutual attacks on energy infrastructure and oil refineries.