Oil Prices Dip Amid Iran Peace Hopes, But Saudi Attacks Keep Brent High

Times of India · business

Oil prices saw a slight decrease on Tuesday as diplomatic efforts to de-escalate the conflict involving Iran offered hope for reduced supply disruptions. However, ongoing attacks on Saudi Arabia maintained the global benchmark Brent crude near six-month highs. Brent futures fell to $115.15 a barrel, while US WTI declined to $101.32. These diplomatic talks, involving Saudi Arabia, Turkey, and Pakistan in Tehran, aimed to prevent further military escalation. Despite this, the threat to regional stability from continued attacks persists, impacting the crucial Strait of Hormuz shipping route.