Oil extends turn higher as Houthi attacks offset push to ease Mideast conflict

Oil prices turned higher in choppy trading on Tuesday, as traders assessed ongoing diplomatic efforts to de-escalate the U.S.-Israeli war with Iran.

As of 04:10 ET (08:10 GMT), benchmark Brent crude futures expiring had risen 0.5% to $116.38 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 0.6% to $102.35 per barrel. Both declined earlier in the session.

Last week, Brent crude futures touched six-month highs, driven by fears of further attacks on energy infrastructure and commercial shipping in the Middle East.

The latest diplomatic push has focused on talks involving Iran, Saudi Arabia, Turkey and Pakistan, while Qatari officials have also been engaging with Tehran in efforts to prevent the conflict from widening.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →