Oil prices fell as Saudi Arabia increased supply through a key pipeline, outweighing market concerns over the U.S.-Iran standoff. According to Sina Finance, Brent crude closed below $103 a barrel, while the more active December futures settled at about $96.

According to Sina Finance, Saudi Arabia's east-west pipeline has reportedly restored about half of its transport capacity after a drone attack. The Trump administration is also releasing up to 40 million barrels from the Strategic Petroleum Reserve, adding further pressure to prices.

Rebecca Babin, senior energy trader at CIBC Private Wealth Group, said increased oil flows through the Strait of Hormuz, together with the restart of Saudi Arabia's east-west pipeline, are easing supply concerns in the market.

According to Sina Finance, the November Brent contract remained above $100 a barrel, but it was due to expire on Wednesday. The more actively traded December contract closed at about $96.

As the conflict entered its eighth month, talks between the United States and Iran in New York last week made little progress. A spokesperson for Qatar's Foreign Ministry said on Tuesday that Qatar was holding talks with the United States and Iran and exchanging views on possible solutions.

According to Sina Finance, Oman plans to more than double oil storage capacity at a port outside the Strait of Hormuz to take advantage of its strategic location. The November WTI contract fell 3.5% to $89.38 a barrel, November Brent fell 2.6% to $102.59, and the more active December contract fell 1.7% to $96.16.