Oil prices ease as Iran peace talks stall
Brent crude settled at $114.88 a barrel on Thursday, down 44 cents, or 0.38 percent, while US West Texas Intermediate settled at $102 a barrel, down 78 cents. Earlier intraday trading had shown deeper falls, with Brent near $113.32. Prices eased after US Vice President JD Vance reportedly sent a letter to Mohsen Rezaei, head of Iran's Supreme National Security Council, seeking revived peace talks. Qatari mediators reportedly presented Iran with a new draft deal, which a senior Iranian official rejected as unacceptable. Prices remain far above pre-conflict levels as supply risks persist.
Key facts
- Iran's Revolutionary Guards said three tankers struck sea mines south of the Strait of Hormuz on an unauthorised route.
- UBS expects Brent to remain near $110 a barrel by year-end, citing supply volatility and geopolitical uncertainty.
- President Donald Trump said Mr Vance acted independently and the letter concerned medical supplies.
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Why it matters
Crude prices remain elevated, and the outcome of peace talks bears directly on oil supply from the Middle East.
What changed
First published from CNA, OilPrice.com, Asharq Al-Awsat, The National and Hindustan Times