UPDATE 5-Oil reverses as Iran raises hopes of fresh negotiations

Recasts after price change

Iran to pursue diplomacy based on national interests, foreign ministry says

Brent and WTI benchmarks earlier hit more than one-month highs

By Anushree Mukherjee

July 20 (Reuters) - Oil prices reversed early gains on Monday after Iran's foreign ministry said negotiations with the U.S. could be pursued based on national interests.

Benchmark prices had earlier touched more than one-month highs on concern over disruption to shipments through the Strait of Hormuz.

Brent crude futures LCOc1 were down 14 cents, or 0.16%, at $87.96 a barrel by 0852 GMT after hitting $91.42 for their highest since June 11.

U.S. West Texas Intermediate crude CLc1 was down 50 cents, or 0.61%, at $81.99 after touching its loftiest level since June 12.


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