Oil falls as Middle East talks outweigh concern over fresh strikes

Oil prices eased on Tuesday as traders weighed diplomatic efforts involving Iran and regional states against renewed security threats. Business Recorder reported Brent at $114.81 a barrel, down $1.00 or 0.86%, while US West Texas Intermediate slipped 78 cents, or 0.77%, to $100.98 by 1311 GMT.

Iranian officials held discussions with representatives of Pakistan, Saudi Arabia and Turkiye, with state media saying the four countries would continue peace and security talks. But the Houthis said they had attacked Saudi Arabia’s Ras Tanura refinery, while October saw a sharp rise in attacks on commercial shipping around the Strait of Hormuz. UBS expects Brent to average near $110 a barrel through year-end, up from its previous $100 estimate, citing uncertain Middle East supplies and geopolitical risks. Brent had exceeded $117 last week, its highest level since April.