Brent futures slipped 66 cents, or 0.57%, to $115.15 a barrel, while U.S. West Texas Intermediate fell 44 cents to $101.32 as of 0000 GMT on Tuesday. The dip followed a sharp rally last week, when Iranian attacks on tankers near the Strait of Hormuz pushed Brent above $117.
Saudi Arabia, Turkey and Pakistan convened in Tehran on Monday, with Riyadh officials saying the talks aimed to open channels for negotiations to avert a renewed military escalation. Iranian state media reported that the four countries agreed to continue discussions on peace and security.
Meanwhile, attacks by Iran‑aligned Houthi forces on Saudi oil facilities have persisted, adding a layer of uncertainty to the region. October has become the worst month for commercial shipping attacks in the Strait of Hormuz, according to a Washington‑based think tank that tracks maritime incidents. The strait carries roughly one‑fifth of the world’s energy supplies, so any disruption raises global market risk.
In a separate development, Russian refiners are ramping up diesel production in October after the government granted export quotas. The move follows a supply agreement between Moscow and Washington, according to two industry sources familiar with the matter.