Crude oil futures fall as US seeks to revive Iran peace talks

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Brent crude at 10:03 am Thursday: $114.19, down 0.98%; WTI December: $101.32, down 1.42%

By BL Mangaluru Bureau

Updated - October 29, 2026 at 11:57 AM. | Mangaluru, October 29

Crude oil futures traded lower on Thursday morning after reports said that the US wants to revive peace talks with Iran.

At 10.03 am on Thursday, December Brent oil futures were at $114.19, down by 0.98 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $101.32, down by 1.42 per cent. November crude oil futures were trading at ₹9658 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹9798, down by 1.43 per cent, and December futures were trading at ₹9555 against the previous close of ₹9689, down by 1.38 per cent.

According to a Wall Street Journal report, US Vice President JD Vance wants to revive peace negotiations with Iran. Citing officials familiar with the matter, the report said Vance has sent a ⁠letter to Chief of Iranian Security Council Mohsen Rezaei in this regard.

US President Donald Trump told Axios that negotiations with Iran are taking place through mediators. “We need to finish the job -- either through a deal or another way -- we will find out if negotiations can succeed,” he said.

In a post on X, Iranian Foreign Minister Abbas Araghchi said: “While our Brave Armed Forces are fully prepared to defend the Homeland, Iran continues to give diplomacy a chance to succeed. We remain in close and ongoing contact with intermediaries to review ideas that can ensure implementation of our 7-Day Plan in even less than a week.”

Weekly petroleum status report by the US EIA (Energy Information Administration) showed a decline in crude oil inventories for the week ending October 23. According to EIA, commercial crude oil inventories decreased 1.9 million barrels to 410.6 million barrels for the week ending October 23, which is 4 per cent below the five-year average.

Gasoline inventories increased 3.9 million barrels, 2 per cent below the five-year average, and distillate inventories decreased 1.5 million barrels, 10 per cent below the five-year average.

Over the past four weeks, total products supplied in the US averaged 20.8 million barrels a day, up 0.2 per cent year over year. The four-week average for gasoline product supplied decreased 0.7 per cent year over year to 8.6 million barrels a day, while the four-week average for distillate product supplied decreased 0.6 per cent to 4.0 million barrels a day. The four-week average for jet fuel product supplied decreased 3.5 per cent year over year.

November natural gas futures were trading at ₹290.80 on MCX during the initial hour of trading on Thursday against the previous close of ₹293.10, down by 0.78 per cent.

On the National Commodities and Derivatives Exchange (NCDEX),December turmeric (farmer polished) contracts were trading at ₹26690 in the initial hour of trading on Thursday against the previous close of ₹26436, up by 0.96 per cent.

November guargum futures were trading at ₹15400 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹15254, up by 0.96 per cent.

Published on October 29, 2026

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