Oil falls as renewed diplomatic efforts to end Mideast conflict ease supply concerns

Oil prices fell Tuesday as renewed diplomatic efforts to end the U.S.-Iran war raise hopes of a de-escalation in the wider regional conflict that has seen Tehran-backed Houthis target Saudi Arabia. Futures for international benchmark Brent crude for December delivery slipped 0.87% to $114.80 a barrel. U.S. West Texas Intermediate futures for June declined 0.86% to $100.88 per barrel. The pullback followed talks between Saudi Arabia, Turkey, Pakistan and Iranian officials in Tehran on Monday, as they stepped up efforts to defuse tensions across the Middle East. Riyadh said the discussions were aimed at keeping diplomatic channels open and preventing another escalation in hostilities.