Brent crude futures fell 66 cents, or 0.57 percent, to $115.15 a barrel at 00.00 GMT on Tuesday (27/10). West Texas Intermediate (WTI) crude futures dropped 44 cents, or 0.43 percent, to $101.32 a barrel. The moves came as hopes grew of ending the war between the United States, Israel and Iran.
Diplomacy and renewed attacks
Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran on Monday (26/10) to ease Middle East tensions. Iranian state media reported that the four countries agreed to continue talks.
Last week Brent rose above $117 a barrel after Iran attacked tankers near the Strait of Hormuz. Brent touched that level again on Monday, its highest since April.
Shipping risk in the Gulf
A Washington-based research institute reported that October was the worst month for attacks on commercial shipping in the Strait of Hormuz and surrounding waters since it began monitoring in 2017. The strait carried about one-fifth of global energy supply before the war broke out in February.
Russian refineries increased diesel output in October. The government granted export quotas after a supply agreement between the Kremlin and the US.
Related: Brent slips below $110 as US-Iran hostilities may ease · Brent slips to $115.79 a barrel after six-month high
