Oil falls as Iran diplomacy offsets supply concerns

Oil prices fell on Tuesday as diplomatic efforts involving Iran raised hopes of easing regional hostilities, while attacks on Saudi Arabia and disrupted shipping continued to underpin concerns about supply. Brent crude futures were at $114.81 a barrel by 9:11 a.m. Eastern time, down 86% from Monday’s settlement of $115.81. West Texas Intermediate was at $100.98, down 77 cents, or 0.77%, from its Monday settlement of $101.76. The market reversed earlier gains. At 5:18 a.m. Eastern time, Brent had risen to $116.26 and WTI to $102.16. A separate early Tuesday update put Brent at $115.15, down 0.57%, and WTI at $101.32, down 0.43%, at 0000 GMT. The observations were taken at different times; Brent had reached $117 on Monday and more than $117 the previous week, its highest level since April. Diplomatic activity was a key influence on prices. Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran on October 26, and the four countries agreed to continue regional dialogue on peace and security. Saudi Arabia said the visit supported de-escalation and mediation efforts. The joint statement did not set a date for another meeting. The prospect of further talks eased some...