What I usually see is two rectangular strips of tile cut to fit one piece on either side of the protrusion, and a tiny strip across the front part of the ptotrusion.

Use the same material around pipe and along wall as used for rest of floor. The term is "scribe".

Thank you both. I’m considering removing the baseboard molding, filling the gaps with cement patch, making it smooth and level with floor, and reinstalling the baseboard molding. The area will be under a bench and basically out of sight, but I’d like to have it look as harmonious and clean as possible. I think the cement patch will be about the same tone as the tile grout.

What's the pipe and why is it red? If the red is for a reason, keep it, otherwise, paint everything white.