Commodities
Iran Diplomacy Boosts Oil Prices Lower Amid Houthi Concerns
Oil prices fell by 1% on Tuesday as investors weighed a possible pause in US strikes on Iran, which has raised hopes of a diplomatic solution to their conflict and normalized energy flows in the Middle East.
Brent crude futures dropped $0.54, or 0.6%, to $87.82 per barrel by 0046 GMT, while US West Texas Intermediate crude fell to $81.95 per barrel, down $0.66, or 0.8%.
US President Donald Trump's comments on Monday that the US was having 'good talks' with Iran and that there was a chance of a resolution contributed to the decline in prices.
'For now, the relief that an off-ramp has been found has taken the heat out of prices and eased concerns around Houthi attacks on Saudi infrastructure,' said IG analyst Tony Sycamore.