Oil prices settle lower
HOUSTON: Oil prices fell on Thursday in a choppy session as hopes for peace talks between the US and Iran offset some concerns over Middle East supply disruptions from an escalating regional conflict. Brent crude futures settled down 44 cents, or 0.38 percent, to USD114.88 a barrel. US West Texas Intermediate (WTI) crude futures settled down 78 cents, or 0.76 percent, at USD102. Both benchmarks…
Oil prices slid on Thursday amid hopes for peace negotiations between the US and Iran, despite concerns over potential supply disruptions. Brent crude futures dropped 44 cents to $114.88 a barrel, while US West Texas Intermediate (WTI) crude fell 78 cents to $102 a barrel. Earlier in the day, both benchmarks had fallen by more than $2 a barrel.
ExxonMobil and Chevron canceled executives' trips to the UAE's largest oil show, citing security concerns. The Yemeni army launched missile attacks on Saudi Aramco, but these attacks helped oil prices recover later in the session. US Vice President JD Vance attempted to restart peace talks by sending a letter to Iran's Supreme National Security Council head.
Qatari mediators proposed a new draft deal to end the conflict, but an Iranian official dismissed it as unacceptable. Concerns over Yemen's Iran-aligned Houthis' attacks and the possibility of a US attack on Iran after the midterm elections limited the decline. Saudi Arabia's defense forces intercepted another Houthi missile, showing the ongoing threats to regional infrastructure.
Despite renewed peace talks, concerns about Russia's diesel production and the US crude and distillate inventories kept prices under pressure.
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