Brent futures swung through modest losses as traders weighed the latest signals on U.S.-Iran talks against persistent instability in the Middle East. A veteran metals trader famous for bold aluminum bets has returned to the market, building a large copper position on the London Metal Exchange. Traders assessed the direction of Federal Reserve interest rates and the progress of U.S.-Iran negotiations, and gold finished lower after a choppy session.

Global benchmark crude settled near $109 a barrel, after Bloomberg reported that claims of an approaching U.S.-Iran deal were inaccurate. Earlier, an unconfirmed report about Iran war negotiations pushed oil back from a five-month high, with prices at one point falling 3.3% before paring the decline. December WTI crude futures dropped 0.7% to settle at $97.82 a barrel. The November contract, which expires Tuesday, fell 1.8% to settle at $101.79 a barrel.

"As we get closer to the election, market perception matters as much as fundamentals," said Dan Pickering, chief investment officer at Pickering Energy Partners. "People are worried about a headline that could move the market, so they're quicker to take profits."

Precious metals

Gold fluctuated between gains of 0.4% and losses of 0.7% during the session. Spot gold fell 0.4% to $4,123.97 an ounce. Silver rose 1.2% to $57.77 an ounce. Platinum advanced. Palladium declined.

Base metals

According to people familiar with the matter, Sonny McNess, who left Mercuria Energy Group earlier this year and is now head of metals derivatives trading at Hartree Partners LP, has heavily bought October copper contracts in recent weeks while shorting November copper. Those trades would pay off if short-term copper supply tightens; traders believe supply could tighten if U.S. President Donald Trump announces the refined copper tariffs he has long threatened to impose. London Metal Exchange three-month contract closing prices: copper rose $81.50 to $14,420.50 a ton. Tin rose $495 to $51,334 a ton. Nickel rose $133 to $15,662 a ton. Aluminum fell $14 to $3,002.50 a ton. Zinc rose $11 to $3,725 a ton. Lead fell $2 to $1,894 a ton. Cobalt was unchanged at $34,620 a ton.