Brent plunged more than $6 a barrel on Tuesday morning, from $107.24 to $100.80, before recovering to around $104 shortly after 10 a.m.

Eastern as traders reacted to a succession of conflicting reports about peace negotiations between the United States and Iran. The drop followed a 7.6% decline on Monday that left Brent at $104.77. Prices initially rose overnight after reports of US strikes on Iran’s Qeshm Island, near the Strait of Hormuz, before reversing sharply on Tuesday morning. Qatar confirmed that both sides were reviewing proposals and that no agreement has been announced.