Oil price eases to $114 as Middle East diplomacy offers hope
Summarised from 2 outlets · Updated 27 Oct, 05:37 · Archive
Oil prices fell as diplomatic efforts to resolve US-Iran tensions raised hopes of de-escalation in the Middle East.
Oil prices fell as renewed diplomatic efforts to resolve the US-Iran conflict raised hopes of de-escalation in the wider Middle East tensions. Brent crude futures for December delivery slipped 0.87 per cent to $114.80 a barrel, while US West Texas Intermediate futures for June declined 0.86 per cent to $100.88 per barrel. The international benchmark had soared to $117 late the previous week.
The pullback followed talks between Saudi Arabia, Turkey, Pakistan and Iranian officials in Tehran on Monday. Riyadh said the discussions were aimed at keeping diplomatic channels open and preventing another escalation in hostilities. The four countries agreed to continue to engage to advance regional peace and security, according to Iranian state media. Representatives from Qatar, which has helped mediate negotiations between Washington and Tehran, also travelled to the Iranian capital on Sunday.
US President Donald Trump said he was approaching a decision on whether to strike a deal with Iran or intensify military operations. Prospects of a diplomatic breakthrough have helped temper fears of further disruptions to global energy supplies, putting downward pressure on crude prices. However, losses remained limited as the prospect of a lasting resolution appeared fragile, with Iran-backed Houthi militants continuing their attacks on Saudi Arabia over the weekend.
How it is being reported
- Oil falls as renewed diplomatic efforts to end Mideast conflict ease supply concernsRenewed diplomatic efforts to end the U.S.-Israeli war with Iran pushed oil prices lowerCNBC · 27 Oct, 05:09
- Oil price falls back to $114 as traders remain focused on Middle East conflictInternational benchmark eases after soaring to $117 late last weekFinancial Times · 26 Oct, 07:28
In this story: United States · Iran · Saudi Arabia · Israel · Turkey · Pakistan · Qatar · Donald Trump
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