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Global crude oil futures slipped to multi-week lows on Tuesday as scheduled Russia–Ukraine peace talks in Abu Dhabi and ongoing US–Iran mediation outweighed US airstrikes on Iran's Qeshm Island and a Russian refinery fire.

Crude benchmarks extended losses on Tuesday as diplomatic scheduling tempered war-risk premia during US midterm voting. Brent fell $1.17, or 1.12%, to settle at $103.60 a barrel—its lowest close since 7 October—while WTI dipped 37 cents, or 0.38%, to $96.09, its weakest finish since 14 October, narrowing the transatlantic spread to $7.51.

Peace initiatives across both conflicts drove the retreat. The Kremlin confirmed Russia, Ukraine, and the US will hold trilateral talks in Abu Dhabi on 10–11 November, raising prospects of looser Russian export restrictions. Concurrently, Qatari mediators reported Washington and Tehran are reviewing proposals to bridge remaining gaps, while US President Donald Trump announced a pact with Israeli Prime Minister Benjamin Netanyahu to end $4 billion in US funding to Israel after year-end.

Active military strikes and infrastructure shifts nonetheless floored the market. US forces struck surface-to-air missile sites on Iran's Qeshm Island overnight as a senior Iranian official warned a truce remains distant, while Ukrainian drones ignited a major refinery in Yaroslavl, Russia. Meanwhile, Saudi Aramco confirmed plans to expand its Hormuz-bypass pipeline, Venezuelan October exports stagnated at 1.08 million bpd, and analysts forecast a 900,000-barrel US crude inventory build—the first in five weeks.