Key facts
- Oil prices declined on Tuesday due to diplomatic efforts easing supply fears.
- Brent crude futures fell 0.86% to $114.81 a barrel.
- US West Texas Intermediate crude was down 0.86% to $100.88 a barrel.
- Houthi attacks on Saudi Arabia and shipping risks contributed to elevated uncertainty.
- Gulf crude exports have declined for four consecutive weeks.
Oil prices edged lower on Tuesday as diplomatic efforts involving Iran eased immediate concerns about supply disruptions. Brent crude futures fell 0.86% to $114.81 a barrel, while US West Texas Intermediate crude was down 88 cents, also 0.86%, to $100.88. Representatives from Saudi Arabia, Turkiye, Pakistan and Iran agreed in Tehran to continue 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.