Oil slips as Washington tries to revive talks with Iran
Brent fell 0.4% to $114.88 and WTI eased 0.8% as traders weighed renewed US diplomacy with Tehran against lingering supply risks in the Gulf, per Dow Jones Newswires.
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what happened
Oil prices declined on Thursday as traders assessed fresh American efforts to restart peace negotiations with Iran. The December Brent contract dropped 0.4% to $114.88 a barrel, while December WTI settled 0.8% lower at $102.00. Dow Jones Newswires, citing The Wall Street Journal, reported that Vice President JD Vance sent a letter to Mohsen Rezaei, head of Iran's Supreme National Security Council. President Trump said he had approved the outreach.
Risks remain. The Journal also reported that the US told several Gulf Arab states to prepare for a possible brief, intense military campaign against Iran after next week's midterm elections, though Trump has not decided on new strikes. A Saudi-led coalition said it intercepted another Houthi ballistic missile aimed at the Eastern Province, while the Houthis claimed a strike on the Ras Tanura refinery that Saudi authorities have not confirmed.
why it matters
The market is weighing two forces: talks could ease the risk premium, while threats to regional infrastructure keep a floor under crude. Which force prevails will depend largely on whether the diplomacy becomes a real process.
market impact
Oil: hopes for talks ease the risk premium, but Middle East threats keep Brent supported
- Brent mixed — talks reduce the risk premium, while threats to supply keep it in place
tags
instruments
sources
- Oil Prices Ease as U.S. Seeks to Renew Diplomacy With Iran — 2nd Update — Dow Jones Newswires, 29 October 2026 at 19:45 UTC
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