Oil eases on Middle East diplomacy hopes, Saudi attacks keep supply worries alive

Oil prices slipped on Tuesday as diplomatic contacts involving Saudi Arabia, Turkiye, Pakistan and Iran eased some concern about immediate supply disruptions. At 0000 GMT, Brent was down 66 cents, or 0.57%, at $115.15 a barrel, while US West Texas Intermediate fell 44 cents, or 0.43%, to $101.32, Business Recorder reported.

The decline was limited by renewed Houthi attacks on Saudi Arabia and continued uncertainty over security around the Strait of Hormuz. Brent had risen above $117 last week after Iranian strikes on tankers near the waterway, which carried around a fifth of global energy supplies before the conflict began in February. Separately, Russian refiners are increasing diesel output in October after receiving export quotas, according to two industry sources cited in the report.