Oil prices rose about 0.3% to 0.4% after falling 1% earlier, as diplomatic talks eased fears of a broader supply shock while renewed Houthi attacks on Saudi Arabia highlighted risks. Brent was at $116.24 a barrel and U.S. crude at $102.07.
Oil prices turned positive on Tuesday after falling about 1% earlier in the session. Brent crude futures rose 40 cents, or 0.4%, to $116.24 a barrel, while U.S. West Texas Intermediate crude gained 30 cents, or 0.3%, to $102.07.
Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday to ease regional tensions. The four countries agreed to continue discussions aimed at strengthening cooperation in peace and security. Renewed attacks by Iran-aligned Houthis on Saudi Arabia underscored the fragility of prospects for peace.
Brent rose above $117 last week, its highest level since April, after Iranian attacks on tankers near the Strait of Hormuz. October saw the most attacks on commercial shipping in the strait and nearby waterways since tracking began in 2017. Gulf crude exports fell for a fourth straight week, and flows through the Strait of Hormuz were about 60% of normal levels.
