Oil prices edged lower on Tuesday after Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tensions in the Middle East, Reuters reported.

Source: Reuters

Brent crude futures were down 66 cents, or 0.57%, at $115.15 a barrel, while US West Texas Intermediate crude was down 44 cents, or 0.43%, at $101.32 a barrel. Brent stayed close to six-month highs, after touching $117 a barrel on Monday and surging above $117 last week.

$115.15Brent crude per barrel, down 0.57%
$101.32WTI crude per barrel, down 0.43%
1/5Share of world energy supplies that passed through Hormuz before the conflict

Saudi Arabia said the Tehran visit sought to establish open negotiating channels to prevent the return of military escalation. The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media reported, according to Reuters.

The fall in prices was limited, Reuters said, because renewed attacks by Iran-aligned Houthis on Saudi Arabia lowered hopes of immediate stability. The Houthis said on Monday they had attacked East-West crude pumping stations and Riyadh airport, The Hindu BusinessLine reported.

Source: The Hindu BusinessLine

October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank cited by Reuters. Before the conflict erupted in February, the narrow waterway carried around a fifth of the world's energy supplies.

For Punjabi and Indian workers in the Gulf, the talks matter directly: oil prices, flights and remittances all move when Hormuz shipping is at risk. Yaani: Brent at $115.15 a barrel is still near a six-month high — diplomacy has taken some heat out of prices, but it has not brought them back to normal.