Brent declines as US makes fresh push to revive talks with Iran
The front-month ICE Brent contract has declined by $1.99/bbl on the day, to trade at $113.49/bbl at 09.00 GMT.
IMAGE: Oil storage tanks. Getty Images
Upward pressure:
Brent crude’s price has felt some upward pressure amid signs that Washington could resume military action against Iran in the near term.
The US has warned several Gulf countries to prepare for a short but intense campaign against Tehran, the Wall Street Journal reported.
Besides, another draw in US crude stocks has supported Brent’s price today.
US commercial crude stocks fell by 1.90 million bbls to 410.60 million bbls in the week ending 23 October, according to the US Energy Information Administration (EIA).
This was the fourth straight weekly drop in US crude inventories, ANZ Bank’s senior commodity strategist Daniel Hynes noted.
Downward pressure:
Brent’s price has come under pressure amid renewed US efforts to revive peace negotiations with Iran.
US Vice President JD Vance sent a letter to Iran’s Security Council chief Mohsen Rezaei, in a bid to restart talks, the Wall Street Journal reported, citing US officials.
Iran’s Foreign Minister Abbas Araghchi said yesterday that Tehran continues to give diplomacy a chance to succeed, Reuters reported.
By Aparupa Mazumder
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