Oil prices fell Tuesday as renewed diplomatic efforts to end the U.S.-Iran war raised hopes of de-escalation in the wider regional conflict. Brent crude futures for December delivery slipped 0.87% to $114.80 a barrel, while U.S. West Texas Intermediate futures for June declined 0.86% to $100.88 per barrel. Talks between Saudi Arabia, Turkey, Pakistan and Iranian officials in Tehran on Monday focused on keeping diplomatic channels open and preventing another escalation in hostilities. The prospect of a diplomatic breakthrough tempered fears of further disruptions to global energy supplies, although losses remained limited because the process was fragile and Houthi militants continued attacking Saudi Arabia.
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