Global oil prices declined on Thursday after rising in the previous session, as reports of fresh diplomatic initiatives to revive peace talks eased concerns over potential disruptions to Middle East oil supplies.
Brent crude futures fell 82 cents, or 0.7%, to $114.50 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.04, or 1%, to $101.74 per barrel.
Hopes for a diplomatic breakthrough gained momentum after US Vice-President JD Vance reportedly sent a letter to Iran’s security council chief in a bid to resume peace negotiations.
However, persistent Houthi attacks and concerns over possible US military action against Iran continued to support prices. The Saudi-led coalition also reported intercepting a missile heading towards the kingdom’s eastern region.
Meanwhile, US energy companies recorded a decline of 1.9 million barrels in crude oil inventories during the week ending October 23. Gasoline stocks, however, increased by 3.9 million barrels, according to the reported figures.
