Oil prices fell today as diplomatic efforts in the Middle East intensify aiming to contain the conflict. Aid convoys have begun to arrive in Gaza and as of yet the Israelis have not begun a ground incursion. “The imminent risk to supply seems to have gone down,” said Phil Flynn, analyst at Price Futures Group. “People are paring back positions until they see how this plays out.” Elsewhere, U.S. President Joe Biden last week announced the suspension of sanctions on OPEC member Venezuela, after a Venezuelan government deal with the opposition. That could bring exports back to the market, but the extent to which this could mitigate the impact of supply risks in the Middle East is unclear. WTI traded down $2.59 or -2.9% to close at $85.49. Brent traded down $2.33 or -2.5% to close at $89.83.