Energy Preview: Oil prices pull back amidst ongoing talks in Middle East

Oil prices pull back on Tuesday morning in Asia as renewed diplomatic efforts in the Middle East raised hopes of preventing a wider escalation of the US-Iran conflict. Reports suggest high-level talks held in Tehran, Iran, Saudi Arabia, Pakistan, and Turkey agreed on Monday to continue security discussions and enhance regional cooperation. Meanwhile, Saudi-led forces continue to engage Iran-backed Houthi rebels, while Hezbollah is reportedly preparing for another regional conflict in Lebanon after receiving financial support from Iran. The WTI futures are trading lower by 0.78%at $100.97 per barrel this morning while brent is down 0.74% at $114.95 per barrel.

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