Oil prices fell after reports that U.S. and Iranian negotiators were discussing a phased agreement that would include Iran reopening the Strait of Hormuz. According to Sina Finance, Brent crude slipped to around $106 a barrel, after rising more than 7% over the previous two trading days, while West Texas Intermediate fell below $94.

According to Sina Finance, people familiar with the matter said the two sides had failed to reach a similar agreement in recent months and were seeking a breakthrough during the United Nations General Assembly. Karobaar Capital LP Chief Investment Officer Harris Khurshid said Brent would likely stay in the $100 to $110 range unless there was a major change, and that a credible phased deal could quickly push prices below $100, while another disruption to exports or logistics could send them back to $120.

Brent crude for November delivery fell 0.5% to $106.10 a barrel, while WTI for November delivery dropped 0.7% to $93.91 a barrel.