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Oil Prices Fall as Reports Raise Hopes for Renewed Middle East Talks

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Oil Prices Fall as Reports Raise Hopes for Renewed Middle East Talks

29 Oct, 11:20
Iran

Global oil prices fell on October 29 as reports of possible renewed peace negotiations in the Middle East eased concerns over potential supply disruptions.

As of 7:51 a.m. (GMT+4), Brent crude futures for December delivery had dropped by $1.22, or 1.1%, to $114.10 per barrel.

US West Texas Intermediate (WTI) crude fell by $1.33, or 1.3%, to $101.45 per barrel, Reuters reports.

The decline followed a strong session, when Brent gained 1.3% and WTI rose 3%.

US Vice President JD Vance sent a letter to Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, in an effort to revive peace negotiations.

The reports of possible diplomatic progress have drawn investors’ attention to the outlook for Middle East oil supplies, with developments in the region continuing to influence global crude prices.

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Oil Prices Fall as Reports Raise Hopes for Renewed Middle East Talks

Global oil prices fell on October 29 as reports of possible renewed peace negotiations in the Middle East eased concerns over potential supply disruptions.