A critical advertisement accusing US President Donald Trump of defending Russian President Vladimir Putin is seen behind a gas station in Columbus, Ohio. [AFP]
A critical advertisement accusing US President Donald Trump of defending Russian President Vladimir Putin is seen behind a gas station in Columbus, Ohio. [AFP]

International oil prices fell for a second consecutive day Tuesday (local time) as expectations grew for negotiations to end both the US-Iran war and the Russia-Ukraine war.

Brent crude futures for December delivery closed down 1.12 percent at $103.60 a barrel on the London ICE Futures Exchange. West Texas Intermediate crude futures for December delivery settled 0.38 percent lower at $96.09 a barrel on the New York Mercantile Exchange.

Brent's closing price was its lowest since Oct. 7, while WTI touched its weakest level since Oct. 14.

The two-day slide reflects growing diplomatic activity aimed at ending the conflicts. Qatar, which has been mediating in the US-Iran war, said talks between the two sides had made progress and that both were reviewing proposals put forward by the intermediary. However, concerns about rising military tensions persisted after it emerged that the United States had struck Qeshm Island — a strategically important Iranian position in the Strait of Hormuz — on Tuesday (local time), stoking fears of an escalation in the immediate aftermath of the election.

Russia and Ukraine have agreed to hold three-way ceasefire negotiations with the United States in Abu Dhabi, UAE, on Nov. 10 and 11.


kate01@heraldcorp.com