Oil prices sink on fresh diplomatic efforts in Middle East
Diplomatic outreach from the United States eased fears of a supply shock, even as Brent crude remained above $114 a barrel, traders said.
- Oil prices declined Thursday as prospects of renewed peace negotiations eased fears of supply disruptions in the Middle East. Brent crude fell 1.1% to $114.10 per barrel, while WTI slipped 1.3% to $101.45 per barrel.
- Persistent supply threats have kept crude prices elevated, complicating global monetary policy. Jos Torres, senior economist at Interactive Brokers, said late Wednesday that "pricey crude remains the predominant driver of above-target inflation."
- According to the Wall Street Journal, Vice President Vance reached out to Iranian Security Council chief Mohsen Rezaei to restart negotiations. Qatari mediators have also proposed a fresh plan to end the conflict.
- Tehran remains open to diplomatic efforts, potentially accelerating a seven-day peace plan if agreement is reached. However, a senior Iranian official rejected existing proposals, suggesting significant hurdles remain to a breakthrough.
- Investors continue weighing risks of Houthi attacks and potential military action after the Nov. 3 elections. Jos Torres suggested a geopolitical resolution could shift the Fed's focus away from further rate hikes.
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Brent oil fell 0.38% and the WTI dropped 0.76% before reports of possible negotiations between the United States and Iran, while tension persists in the strategic strait of Ormuz.
Future oil contracts closed down on Thursday (29), although away from the minimums of the day, amidst signs of progress in the negotiations to end the conflict in the Middle East. According to The Wall Street Journal, the Vice President of the United States, JD Vance, would have contacted Mohsen Rezaee, secretary of Iran's main security agency. In addition, the Iranian Foreign Minister, Abbas Araghchi, stated that Tehran continued to give diplom…
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices fell on the 29th (local time) thanks to moves to resume diplomatic negotiations between the United States and Iran.
Oil prices fell on Thursday, partially correcting the previous day's gains, as the market reacted to hopes of renewed peace talks between the United States and Iran, easing concerns about disruptions to Middle East supplies due to the escalating conflict.
Oil Prices Fall as Diplomacy Hopes Outweigh Escalation Fears in Middle East War
A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, Oct. 8, 2025. Photo: REUTERS/Arathy Somasekhar Oil prices fell on Thursday, paring the gains from a day earlier, as hopes for peace talks between the US and Iran took the edge off renewed concerns over Middle East supply disruptions from an escalating regional conflict. Brent crude futures were down $1.59, or 1.38%, to $113.73 a barrel by 11:45 a.m. EDT …
At 0922 GMT, Brent's futures dropped $1.27, or 1.1%, to $114.05 a barrel.
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