Oil slips as WTI settles at $102 on hopes for U.S.-Iran peace talks

Oil prices edged lower on Thursday, Oct. 29, in a choppy session as hopes for renewed peace talks between the U.S. and Iran eased some fears of supply disruptions in the Middle East.

Where prices settled

U.S. West Texas Intermediate crude futures fell 78 cents, or 0.76%, to settle at $102 a barrel. Brent crude futures lost 44 cents, or 0.38%, to $114.88 a barrel, according to CNBC and Reuters.

Both benchmarks fell by more than $2 a barrel earlier in the session, Reuters reported, unwinding some of Wednesday's gains, when WTI rose 3% and Brent 1.3%.

Diplomacy in focus

The pullback followed a Wall Street Journal report that U.S. Vice President JD Vance reached out to Mohsen Rezaei, head of Iran's Supreme National Security Council, in an attempt to restart peace negotiations. The Journal cited U.S. officials and people familiar with the matter.

Qatari mediators have also presented Iran with a new proposal to end the war, but a senior Iranian official rejected it as unacceptable. Iran's foreign minister said Tehran remained open to diplomacy and raised the possibility of accelerating its proposed seven-day peace plan if an agreement is reached.

Risks remain

Investors are still weighing the threat of Houthi attacks and the possibility of U.S. military action against Iran after the Nov. 3 midterm elections, CNBC reported.