Oil Futures Fall as Market Holds Out Hope for Middle East Diplomacy
December Brent crude futures settled down 1.7% at $113.88 a barrel, and December WTI fell 1.8%
By
Farhan Rafid
and
Anthony Harrup
Updated ET
Oman said discussions with Iran had produced an outline for a temporary arrangement to restore free navigation through Hormuz. Razieh Poudat/Wana News Agency/Reuters
Oil prices fell Tuesday, with U.S. benchmark crude slipping back under $100 a barrel as traders held out hopes for regional diplomatic efforts to ease Middle East tensions.
December Brent crude futures settled down 1.7% at $113.88 a barrel, and December West Texas Intermediate fell 1.8% to $99.90 a barrel.
