Oil Prices Ease on Hope of Fresh US-Iran Talks, Brent Dips to $110
Global crude oil prices fell on Thursday as diplomatic efforts to restart talks between the US and Iran eased concerns about Middle East oil supplies.
International benchmark Brent crude futures for January delivery fell about 1% to $110.54 a barrel, compared with the previous close of $111.64.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery fell 1.13% to $101.62 a barrel, down from $102.78 at the previous close.
Qatar-led mediators are working on an agreement to bring Washington and Tehran back to the negotiating table, Axios reported, citing US and Israeli officials. The effort aims to prevent fighting from resuming after the US midterm elections.
Qatar is also trying to persuade Iran to let United Nations inspectors visit bombed nuclear facilities in exchange for relief from some US sanctions, according to the report.
Iranian Foreign Minister Abbas Araghchi said Tehran would keep giving diplomacy a chance and maintain contact with mediators. He said officials were considering ideas to implement a seven-day plan.
US President Donald Trump denied assigning Vice President JD Vance to restart negotiations with Iran, saying Vance was helping secure medical supplies the country needed.
Trump’s remarks followed a Wall Street Journal report that Vance had sent a letter to Iran seeking to revive peace talks.
Meanwhile, an unexpected draw in US crude inventories helped limit the decline in prices.
US commercial crude oil inventories fell 0.5% in the week ended Oct. 23, according to data the Energy Information Administration (EIA) released Wednesday.
Inventories fell about 1.9 million barrels to 410.6 million barrels, while market expectations pointed to an increase of about 100,000 barrels. Strategic petroleum reserves, excluded from commercial crude stocks, decreased by about 100,000 barrels to 282.6 million barrels.
Over the same period, gasoline inventories rose by approximately 3.9 million barrels to 209.2 million barrels. EIA data showed US crude oil production rose by 723,000 barrels per day (bpd) to about 13.99 million bpd in the week ended Oct. 23.
Traders are also looking ahead to Sunday’s meeting of seven OPEC+ members. OPEC said Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will meet to review oil market conditions.
