Oil
Oil remains above $110 a barrel on Tuesday despite meetings between Middle Eastern powers aimed at de-escalating tensions. Getty Images

Oil prices remain elevated on Tuesday despite meetings between Middle Eastern powers aimed at de-escalating tensions.

Brent crude, the international benchmark, edged down but remained above $110 a barrel at 9:29 a.m. ET, while West Texas Intermediate, the U.S. benchmark, also dropped 0.36% and stood at $101.39 per barrel at the same time.

Top officials from Saudi Arabia, Turkey and Pakistan traveled to Tehran as fears of renewed escalation with the U.S. and Israel climb.

Read more

Riyadh's foreign ministry said the country was seeking "positive and practical engagement" from all parties. It also noted the importance of opening channels of negotiation to prevent a return to full-fledged war.

Iranian state media released a statement saying that the country has "consistently emphasized that regional security can only be ensured by relying on the will and security considerations of the countries of the region." However, no clear progress was reported.

Tensions continue to climb in the meantime. President Donald Trump said on Sunday that he would not order strikes against Iran before the midterms on November 3, adding that he would be soon making a decision on whether to escalate or seek a deal.

In this context, Supreme Leader Mojtaba Khamenei is urging for faster technological progress, including in the nuclear area.

Fars news agency, closely linked with the Iranian Revolutionary Guard Corps (IRGC), claimed that Khamenei claimed that the "experience of the two recent wars has demonstrated to everyone that this new scientific surge must be deep and rapid."

The reported remarks come days after an Iranian lawmaker appeared to suggest that Khamenei could be more open to pursuing a nuclear weapon than his father, Ali Khamenei.

"From Mojtaba Khamenei's conduct, my understanding is that his fatwa will be different," Ahmad Naderi said, in reference to the doctrine from Ali Khamenei claiming Iran would not seek a nuclear weapon due to religious motives.

Elsewhere, Naderi expressed his own support for pursuing such a bomb, calling it the ultimate military deterrence.

Other reports have detailed that Mojtaba Khamenei is more open to developing a nuclear weapon than his late father, but other top officials repeatedly claimed Tehran does not seek it.