Oil falls as diplomacy raises hopes of averting regional conflict
Business
Oil prices slid on Tuesday, with Brent crude just under $115 and US oil around $101 a barrel.
The drop comes as intensified diplomacy raised hopes of avoiding a bigger regional conflict.
Iran offers to reopen Hormuz
Senior officials from Saudi Arabia, Pakistan, and Turkey met with Iran in Tehran to discuss easing the situation.
Iran offered to reopen the Strait of Hormuz if US restrictions are lifted soon.
Still, shipping costs stay high due to ongoing risks like drone threats and reports of Hezbollah gearing up for trouble.
Meanwhile, the US keeps blockading Iranian ports to choke off the country's crude exports, affecting exports, while global markets watch political moves in Israel and the US that could shake things up further.