Oil Prices Dip Amid US-Iran Talks and Regional Tensions

Oil prices fell slightly on Tuesday, declining by approximately 1 per cent as hopes for a resolution to the US-Israeli conflict with Iran tempered concerns over Middle East supply risks.

Recent diplomatic engagements in West Asia have sparked optimism regarding potential progress in US-Iran negotiations.

Saudi Arabia, Turkey, and Pakistan engaged in discussions with Iranian officials in Tehran on Monday, aiming to reduce regional tensions.

The participating nations pledged to continue dialogue with the goal of enhancing collaboration in peace and security initiatives.

Despite the diplomatic efforts, market analysts continue to express concerns over potential attacks by Iran-aligned Houthis on Saudi Arabia, a major oil producer.