Oil prices ease on Iran peace hopes, Saudi attacks limit losses

Brent crude fell 1.17% to $114.64 a barrel on Tuesday, while West Texas Intermediate declined $1.04, or 1.02%, to $100.72 by 10:42 am PST, Mettis Global reported. Diplomatic talks involving Saudi Arabia, Turkey, Pakistan and Iran eased concerns about supply interruptions, but renewed attacks on Saudi Arabia limited the retreat.

The four countries agreed to keep discussing peace and security, according to Iranian state media. Yet attacks by Iran-aligned Houthi forces and rising risks around the Strait of Hormuz continued to unsettle markets; October has seen the highest number of commercial shipping attacks in the area since the tracking began in 2017. Brent had risen above $117 last week and touched that level again on Monday after attacks on tankers near the strait. The oil-price moves keep supply risks and global fuel markets in focus for investors.