Oil prices fell on Thursday, October 29, 2026, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict.
Brent crude futures declined 85 cents, or 0.7%, to $114.47 a barrel by 0720 GMT, while US West Texas Intermediate (WTI) crude futures were down $1.13, or 1.1%, at $101.65.
Brent rose 1.3% and WTI gained 3% on Wednesday.
The Wall Street Journal, citing US officials and people familiar with the matter, reported on Wednesday that United States Vice President JD Vance sought to revive peace negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei.
Oil price rises to $116/barrel over fresh Houthi attacks
“Selling pressure is prevailing amid expectations that peace talks may resume. However, the decline remains limited,” an economist at Nomura Securities, Yuki Takashima, said.
This was due to concerns over intensified attacks by the Houthis and fears the US may launch an attack on Iran following its midterm elections slated for November 3.
The Saudi-led coalition fighting Yemen’s Houthis said it destroyed a ballistic missile fired by the group towards the kingdom’s eastern region early on Thursday, as hostilities between the two sides show no signs of abating.
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