Brent fell from a six-month high as senior officials from multiple countries traveled to Tehran to push for a restart of security talks, easing market concerns about further escalation in the Middle East.
Copper was little changed as investors weighed signs of strong demand against the impact of continued weakness in AI-related stocks.
Gold edged higher as market focus shifted to the Federal Reserve's interest rate decision.
Crude Oil: Prices Retreat as Officials Visit Tehran to Push for Restart of Talks
Brent crude retreated from a six-month high on Monday as senior officials from several countries traveled to Tehran to push for a restart of security negotiations, easing market worries about further escalation in the Middle East.
Iranian semi-official media reported that officials from Iran, Saudi Arabia, Turkey and Pakistan held a meeting in Tehran on Monday, and the participants agreed to continue consultations.
Iranian President Masoud Pezeshkian said Iran supports understandings that help strengthen regional unity and reiterated that it has no intention of pursuing nuclear weapons.
Francisco Blanch, head of global commodities and derivatives research at Bank of America, said the market may view this as a positive signal that dialogue is resuming.
He warned, however, that if Iran again attacks regional infrastructure, average oil prices could rise to around $120 a barrel in the coming months.
Technical factors also pushed oil lower.
Brent's 14-day relative strength index rose above 74 on Friday, entering overbought territory that typically signals a possible price pullback.
Continued conflict between Saudi Arabia and the Houthis limited the decline in oil prices.
Investors are watching Israel's election on Tuesday and the U.S. midterm elections next week.
Trump has hinted that the United States could resume strikes on Iran after the elections.
December Brent crude futures fell 0.8% to settle at $115.81 a barrel.
December WTI crude futures fell 1.5% to settle at $101.76 a barrel.
Base Metals: Copper Ends Roughly Flat
Copper prices moved in a narrow range as investors weighed signs of strong market demand against the impact of continued weakness in AI-related stocks.
The metal, widely used in data centers and power infrastructure, closed in London at $14,327.5 a ton on Monday, roughly flat after last week's selloff.
Copper supply remains tight as the market expects the United States to impose import tariffs, drawing global copper flows to the U.S.
At the close, LME copper was little changed at $14,327.5 a ton.
LME aluminum fell 0.1% to $3,040.5 a ton.
LME nickel fell 1.8% to $15,561 a ton.
LME zinc rose 1.9% to $3,814 a ton.
LME tin rose 1% to $51,017 a ton.
LME lead rose 0.8% to $1,923 a ton.
Precious Metals: Gold Edges Higher
Gold edged higher as traders saw little chance that the Federal Reserve would raise interest rates at its upcoming policy meeting.
Gold rose as much as 0.8%, climbing back above $4,000 an ounce.
Last week, gold fell more than 4% and touched its lowest level since July.
As officials from several countries traveled to Tehran to push for a restart of talks, oil retreated from a six-month high, while stocks rose after last week's selloff.
As of 5 p.m. Eastern Time, spot gold rose 0.5% to $4,016.71 an ounce.
Spot silver rose 0.1% to $53.9657 an ounce.
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