Brent crude climbs to $111 after sharp fall to $109.. Mecca Accord delegation meets Tehran

Brent crude rose to $111 per barrel by 12:51 p.m. Turkey time on Tuesday, after touching $109 at midnight on Tuesday in a decline exceeding 6 percent from its peak of $117 on Friday. West Texas Intermediate crude for December delivery was quoted at $101.25 at the same time.

Diplomatic contacts related to the Strait of Hormuz contributed to moving prices, as a delegation from the Mecca Accord member states met in Tehran on Monday, led by Saudi Defense Minister Prince Khalid bin Salman, and including Turkish intelligence chief Ibrahim Kalin and Pakistani Joint Chiefs of Staff Chairman Asim Munir. The delegation held talks with Iranian President Masoud Pezeshkian and Secretary of Iran's Supreme National Security Council Mohsen Rezaei.

Saudi Arabia's Foreign Ministry announced that the visit takes place within the kingdom's role in promoting peace and dialogue, noting that Prince Khalid's movements represent part of the Mecca Accord states' commitment to "easing the current crisis and encouraging dialogue and diplomatic solutions and supporting mediation efforts led by Qatar and Pakistan," and reiterated the call for opening negotiation channels to prevent escalation of military tensions in the region.

Oman indicated that talks with Iran resulted in initial outlines of a temporary arrangement ensuring freedom of navigation in the Strait of Hormuz, though political obstacles remain in place. Reports indicated that a Qatari delegation conducted its contacts in Tehran on Sunday as part of ongoing mediation efforts between Iran and the United States since February.