Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in oil markets, although markets remained tense in the run-up to US sanctions on Iranian oil exports starting next month. Brent crude futures were $79.52 a barrel, down 0.4% and WTI futures were $69.16 a barrel, down 0.3%.
US sanctions on Iran's oil exports are due to begin on Nov. 4, as Washington presses governments and companies around the world to back down and cut imports from the West Asian country.
Saudi Arabia, the largest oil exporter, has vowed to continue supplying the markets despite the tense situation over the killing of Saudi journalist Jamal Khashoggi. There was concern that as markets tighten against US sanctions against Iran, Saudi Arabia could cut oil supplies in response to possible sanctions against Khashoggi killing.
But in an effort to dismiss such concerns, Saudi Energy Minister Khalid al-Falih said on Monday there was no intention of such action and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.
