Oil futures fell by more than $2 a barrel on Tuesday as traders focused on Middle East peace talks, though prices remained near the highest in six months as the Houthi-Saudi Arabia conflict raged on and investors worried about the potential for more fighting in the US-Israeli war with Iran.
Brent crude futures were down $2.09, or 1.8%, at $113.72 a barrel by 1:44 p.m. EDT (1744 GMT). US West Texas Intermediate crude was down $1.93, or 1.9%, at $99.83.
Iranian Security Council chief Mohsen Rezaei met Supreme Leader Ayatollah Mojtaba Khamenei on Tuesday, a day after holding talks with representatives of Saudi Arabia, Turkey and Pakistan.
State media said Khamenei had emphasized the importance of pursuing Iran's interests and maintaining its conditions for ending the war.
The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media said.