Oil slips 1% as Iran diplomacy eases supply fears

Oil prices declined by around 1% on Tuesday as diplomatic contacts involving Iran eased immediate concerns about supply disruptions, Business Recorder reported. At 0418 GMT, Brent was down $1, or 0.86%, to $114.81 a barrel, while US West Texas Intermediate fell 88 cents, also 0.86%, to $100.88.

Representatives from Saudi Arabia, Turkiye, Pakistan and Iran agreed in Tehran to keep discussing peace and security cooperation. The pullback followed a rise in Brent above $117 last week, while Houthi attacks on Saudi Arabia and continued risks to shipping kept uncertainty elevated. ANZ Research said Gulf crude exports had declined for four consecutive weeks, and shipments through the Strait of Hormuz were around 60% of their usual level.