Oil retreats to $114.80 after four-nation meeting in Tehran

Brent crude futures for December delivery fell 0.87% to $114.80 a barrel on Tuesday, while U.S. West Texas Intermediate futures for June declined 0.86% to $100.88. The decline followed Monday's talks in Tehran among officials from Saudi Arabia, Turkey, Pakistan and Iran.

Riyadh said the meeting aimed to keep diplomatic channels open and prevent a further escalation in hostilities. Iranian state media reported the four countries agreed to continue engaging to advance regional peace and security. Representatives from Qatar, which has helped mediate negotiations between Washington and Tehran, also traveled to the Iranian capital on Sunday, Reuters reported.

The talks come amid a U.S.-Iran war that has seen Tehran-backed Houthi forces target Saudi Arabia. In a Sunday interview with Fox News, President Donald Trump said he was approaching a decision on whether to strike a deal with Iran or intensify military operations, saying additional attacks remained an option.

Prospects of a diplomatic breakthrough have eased fears of further disruptions to global energy supplies, weighing on crude prices. Losses stayed limited, however, as the prospect of a lasting resolution appeared fragile, with Iran-backed Houthi militants continuing their attacks on Saudi Arabia over the weekend.