Oil prices inched higher Tuesday, reversing earlier losses as diplomatic efforts to end the U.S.-Iran war gathered pace. Brent and WTI futures both gained, while continued Houthi attacks on Saudi Arabia kept hopes of a lasting resolution fragile.
Oil reversed earlier losses on Tuesday, as renewed diplomacy to end the U.S.-Iran war competed with attacks by Tehran-backed Houthis on Saudi Arabia.
Brent crude futures for December delivery rose 0.4% to $116.27 a barrel as of 3:54 a.m. ET. U.S. West Texas Intermediate futures for June rose 0.5% to $102.27 per barrel.
The move followed talks in Tehran on Monday between Saudi Arabia, Turkey, Pakistan and Iranian officials. Riyadh said the discussions were aimed at keeping diplomatic channels open and preventing another escalation. According to Iranian state media, the four countries agreed to continue to engage to advance regional peace and security.
U.S. President Donald Trump told Fox News on Sunday he was approaching a decision on whether to strike a deal with Iran or intensify military operations, and suggested additional attacks remained an option. Reuters reported that representatives from Qatar, which has helped mediate negotiations between Washington and Tehran, also traveled to the Iranian capital on Sunday.
Prospects of a breakthrough have helped temper fears of further disruptions to global energy supplies, which put downward pressure on crude prices. But the earlier losses were limited because a lasting resolution appeared fragile, with Iran-backed Houthi militants continuing their attacks on Saudi Arabia over the weekend.
Source: CNBC
Trading involves risk.
Risk Disclaimer
