Oil Prices Fall as Vance Moves to Restart Iran Peace Talks
Diplomatic contacts eased fears of renewed US strikes on Iran, while US crude inventories fell 1.9 million barrels, the Energy Information Administration said.
- Oil prices retreated on Thursday as Vice President JD Vance contacted the Iranian Supreme National Security Council to restart peace talks, with Brent trading at $114.14 per barrel and West Texas Intermediate at $101.45.
- President Trump threatened to restart hostilities after the November 3 midterm elections, stating, "We're not negotiating with them, we are going to have something one way or another, it'll happen soon." Yet the Wall Street Journal reported Trump approved Vance's diplomatic move.
- Nationwide crude inventories fell by 1.9 million barrels in October to the lowest level since July, the Energy Information Administration reported. Midwest petrol stockpiles also dropped to record lows.
- Despite diplomatic optimism, the Yemeni Houthis continue targeting Saudi energy infrastructure and forces, with the latest attack occurring on Wednesday at the Aden airport, underscoring persistent regional instability.
- Traders await a deluge of earnings and commentary from supermajors Shell, TotalEnergies, ExxonMobil Holdings, and Chevron on October 29 and October 30, expected to influence global price volatility.
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12 Articles
Diplomatic efforts to restart negotiations between the US and Iran have led to a drop in oil prices. Brent crude fell as Qatari-led mediation efforts eased supply concerns in the region, while Iranian Foreign Minister Abbas Araghchi announced that diplomatic contacts were ongoing.
Oil prices declined, at the beginning of Thursday's dealings, as clients assessed diplomatic efforts to avoid the resumption of American military strikes on Iran, amid indications of continued contacts between the two sides.
Shafaq News - Follow-up: Oil prices fell on Thursday as concerns about supply disruptions eased amid hopes for renewed peace talks, despite ongoing military tensions in the Middle East. Brent crude futures fell 82 cents, or 0.7%, to $114.50 a barrel, while U.S. West Texas Intermediate crude futures dropped $1.04, or 1%, to $101.74 a barrel by 01:32 GMT (04:32 AM Baghdad time). The decline followed a 1.3% rise in Brent and a 3% rise in U.S. crude…
Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict
Brent crude futures fell 1.09 percent, to $114.06 a barrel at around 9.20 am while US West Texas Intermediate (WTI) crude futures were down 1.30 percent, at $101.44.
Oil Prices Fall as Vance Moves to Restart Iran Peace Talks
Crude oil prices gave up some of the gains they made earlier this week, after U.S. Vice President JD Vance contacted the secretary of the Iranian Supreme National Security Council in a bid to restart peace talks. At the time of writing, Brent crude was trading at $114.14 per barrel, and West Texas Intermediate was trading at $101.45 per barrel, both down from Wednesday but still significantly higher than they were at the start of October. The Wa…
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