Oil and gas prices edged lower on Tuesday after recent gains, as renewed diplomatic efforts to reach an agreement in the US-Iran war influenced energy markets.
Brent crude was trading at around $115.89 a barrel, after rising to $117 on Monday. Meanwhile, European benchmark natural gas prices fell to €96.26 per megawatt-hour, retreating from a four-year high of €97.
Brent and US oil prices remain elevated
Brent crude futures for December delivery rose marginally by 0.08% to $115.89 a barrel on Tuesday morning.
US West Texas Intermediate (WTI) crude also edged higher, gaining 0.01% to $101.77 a barrel.
The latest movements followed renewed diplomatic efforts aimed at reaching an agreement in the conflict between the United States and Iran.
European gas prices retreat from four-year high
European benchmark TTF natural gas futures for November delivery fell by 0.25% to €96.26 per megawatt-hour.
The decline followed a rise to €97 per megawatt-hour, the highest level in four years.
Meanwhile, gas storage levels across European terminals stood at 74.9% ahead of winter. This is below the 85% to 90% levels recorded at the same time in previous years, leaving Europe with lower reserves as the colder season approaches.
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