Brent crude futures fell about 1% to $114.20 a barrel in Asian trading on October 29, 2026, after reports that U.S. Vice President JD Vance had written to Iranian security official Mohsen Rezaei seeking to revive peace talks.

Key Takeaways

  • WTI futures fell 1.4% to $101.40 a barrel in Asian trading.
  • U.S. commercial crude stocks fell for a fourth consecutive week, while gasoline inventories rose.

Brent crude futures reverse Wednesday’s gain

The decline followed a 1.3% rise in December Brent futures on October 28, when the contract settled at $115.32 a barrel. December WTI had settled at $102.78, up 2.9%.

The reported letter preceded Thursday’s price decline, but the available information does not establish that it caused the move.

Diplomacy and reported strike plans

The letter was reported after accounts that the United States had told several Gulf nations to prepare for a possible campaign against Iran after the U.S. midterm elections. Those accounts said President Donald Trump had not made a final decision.

Qatari mediators also gave Tehran a draft proposal to end the war. An unnamed Iranian official called it unacceptable and said it was not a formal offer, while Iran’s foreign minister said Tehran was still giving diplomacy a chance.

U.S. crude stocks decline

Commercial crude inventories fell approximately 1.9 million barrels in the week ended October 23, the fourth consecutive weekly decline. Gasoline stocks rose about 3.9 million barrels, according to the EIA’s weekly petroleum inventory data.

Next milestone

The next scheduled releases are the U.S. third-quarter GDP advance estimate and September personal income and outlays data, due at 8:30 a.m. ET on October 29.

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