Oil prices drop 3% as US-Iran talks ease market fears

International oil prices fell sharply on Tuesday, with the Brent benchmark dropping 3% after earlier climbing toward $112 a barrel. The reversal came as markets reacted to diplomatic developments between the United States and Iran. Brent crude, the international oil benchmark, had risen during the day before pulling back. Traders are closely watching whether the two countries can reduce tensions that have supported higher oil prices.