RismadarVoice Reporters
October 29, 2026
Global oil prices declined on Thursday as renewed diplomatic efforts to end the conflict involving the United States, Israel and Iran eased concerns over potential supply disruptions in the Middle East.
Brent crude futures fell by $1.55, representing a 1.34 per cent decline, to $113.77 per barrel as of 1:14 p.m. GMT, while United States West Texas Intermediate (WTI) crude dropped by $2, or 1.95 per cent, to $100.78 per barrel.
The decline reversed some of Wednesday’s gains, when Brent increased by 1.3 per cent, and WTI advanced by approximately three per cent amid heightened regional tensions.
The market reaction followed reports that US Vice President JD Vance had contacted Iranian security official Mohsen Rezaei in an attempt to revive negotiations aimed at ending the prolonged conflict.
According to The Wall Street Journal, Vance sent a letter to Rezaei proposing renewed diplomatic engagement between Washington and Tehran.
Qatari mediators have also reportedly presented Iranian authorities with a draft peace proposal outlining measures intended to address disagreements between the two countries.
However, a senior Iranian official dismissed the proposals as unacceptable, indicating that significant obstacles remain before any agreement can be reached.
Despite the renewed diplomatic efforts, concerns over escalating military activities continued to limit the decline in oil prices.
The Saudi-led coalition fighting Yemen’s Houthi movement announced that it had intercepted and destroyed a ballistic missile reportedly launched towards Saudi Arabia’s eastern region.
The Houthis also claimed responsibility for an earlier missile attack targeting a major Saudi oil refinery, raising concerns about the security of energy infrastructure.
Meanwhile, Iran’s Revolutionary Guards reported that three oil tankers struck sea mines near the Strait of Hormuz, resulting in explosions and fires. The account was not independently verified.
Market sentiment was further influenced by expectations of improved Russian petroleum production.
Analysts at JPMorgan reported that Russian refinery operations had recovered by approximately 350,000 barrels per day, reaching four million barrels daily following a period without confirmed attacks on refining facilities.
In the United States, government data indicated declining crude oil and distillate inventories, although gasoline stockpiles increased.
Oil markets remain sensitive to developments surrounding the conflict, with diplomatic progress potentially easing prices while renewed military escalation could heighten supply concerns.
The situation continues to attract international attention because of the Middle East’s importance to global petroleum production and shipping.
