Brent crude edged lower and traded unevenly as traders assessed reports on the latest progress in U.S.-Iran talks amid continued Middle East turmoil. According to Sina Finance, citing Bloomberg, the global benchmark settled near $109 per barrel after Bloomberg reported that claims the United States and Iran were close to an agreement were inaccurate.

An unverified report about Iran war negotiations earlier pushed oil down from a five-month high. Prices fell as much as 3.3% intraday before paring losses, while European natural gas futures also declined.

Crude prices have risen about 80% this year as conflicts intensified across the Middle East, and Iran has recently stepped up attacks on tankers in the Strait of Hormuz. Although traders are increasingly disregarding war-related statements, particularly Washington’s efforts to push oil prices down through verbal intervention, news indicating a substantial change in oil flows could still trigger sharp market volatility.

Traders are especially wary that the White House may seek to ease the conflict with Iran before the November 3 midterm elections, as soaring energy costs are set to become an important issue for voters. Nearly five months ago, the last time oil remained above $100 per barrel for an extended period, the United States and Iran reached a brief ceasefire that temporarily reopened the Strait of Hormuz.

“Near an election, market perception is as important as fundamentals,” said Dan Pickering, chief investment officer at Pickering Energy Partners. “People are concerned that news capable of moving the market could emerge, so they will also take profits more quickly.”

Brent crude futures for December delivery fell 0.7% to settle at $108.79 per barrel. WTI crude futures for December delivery fell 0.7% to settle at $97.82 per barrel. The November contract, which expires Tuesday, fell 1.8% to settle at $101.79 per barrel.