Oil futures fell in early Thursday trading as Iran's foreign minister reported contacts over a seven-day plan, putting diplomatic signals against lingering concerns about Middle East supply disruptions.
At 11:51 p.m. ET Wednesday (03:51 UTC Thursday), Brent crude futures were down $1.22, or 1.1%, at $114.10 a barrel. U.S. West Texas Intermediate futures fell $1.33, or 1.3%, to $101.45, Reuters reported. The prices were intraday quotes, not settlement levels.
Brent rose 1.3% and WTI gained about 3% on Wednesday, Reuters reported. The Saudi Press Agency reported settlements of $115.32 for Brent and $102.78 for WTI.
Iranian Foreign Minister Abbas Araghchi said in an Oct. 28 post on X that Iran was consulting unnamed intermediaries on ideas for carrying out the plan, which he said could be implemented in less than a week. He wrote that Iran continued to give diplomacy “a chance to succeed.” His post did not name the intermediaries or set a start date.
The Wall Street Journal reported, citing U.S. officials and people familiar with the matter, that Vice President JD Vance sent a letter to Iranian Security Council chief Mohsen Rezaei to revive negotiations. Axios later cited a U.S. official who said talks to avert U.S. strikes would need to address Iran's nuclear program. The letter has not been made public.
President Donald Trump said Vance asked his view on sending supplies to Iran, which Trump described as medical supplies. Trump said he told Vance, “If you want to do that, that’s OK.”
Reuters reported that Qatari mediators conveyed a draft proposal aimed at ending the war involving the United States and Israel. An unnamed senior Iranian official told Reuters the draft was unacceptable and did not amount to an offer.
Prices remained exposed to the risk of renewed regional escalation. Reuters reported that traders were tracking possible Houthi attacks and the prospect of U.S. strikes on Iran after the Nov. 3 midterm elections. Saudi authorities had not confirmed a Houthi claim that the group attacked the kingdom's largest oil refinery, Reuters reported.
Trump has also accused Iran of seeking higher oil prices before the midterms, a claim covered in EconoTimes' earlier report.
