Oil Retreats as Iran Diplomacy Offers Some Supply Relief

Oil prices retreated on Monday as reported diplomatic efforts involving Iran eased some immediate concerns about supply disruptions, though attacks claimed by the Houthis and shipping risks kept the outlook uncertain. Brent crude, which had closed Friday near $117.40, fell more than 6% to around $110 in morning trading, according to one market report. Another report put Brent at $115.23 at 0744 GMT, after a smaller decline at that earlier observation time. U.S. West Texas Intermediate was reported near $101.50, down about 2% from Friday’s close. These were intraday prices, not closing figures. The pullback followed a rally last week after the Houthis said they had attacked Saudi airports and energy sites. Brent had gained about 6% over the week, and Friday’s close was its highest since March 19. Before the conflict, Brent traded at around $72 a barrel. Diplomatic activity reportedly gathered pace over the weekend. Qatari mediators traveled to Tehran on Sunday in coordination with Washington, while senior Saudi, Pakistani and Turkish officials were expected to meet Iranian leaders there on Monday. The reports did not establish whether the discussions produced an agreement or...