Brent crude price falls below $115 as peace hopes curb oil decline

Brent crude and West Texas Intermediate prices fell on Thursday, October 29, with Brent at $114.06 a barrel and WTI at $101.44 around 9:20 AM IST. Hopes of renewed US-Iran negotiations limited the decline as Houthi attacks continued and Saudi authorities had not officially confirmed the claimed strike on a Saudi refinery.

Brent crude price falls 1.09% to $114.06

Market data for Brent crude futures showed a 1.09% fall to $114.06 a barrel around 9:20 AM IST on Thursday.

Market data for US West Texas Intermediate crude futures showed a 1.30% decline to $101.44 a barrel at the same time.

US crude inventories fall by 1.9 million barrels

The US Energy Information Administration said the crude withdrawal for the week ending October 23 amounted to 1.9 million barrels.

Crude oil and gasoline inventories also were reported by the agency. Gasoline stocks rose by 3.9 million barrels during the week ending October 23.

Saudi refinery strike claim remains unconfirmed

There has been no confirmation by the Saudi government of reports from the Houthis a missile hit a 550,000 barrel per day refinery in Saudi Arabia.

On Thursday morning, the Saudi-led coalition fighting Yemen's Houthis said it had destroyed a ballistic missile directed at Saudi Arabia's eastern region.

Yemeni government forces claimed to have shot down a Houthi drone after the group attacked Aden airport on Wednesday.

Iran rejects Qatar draft as diplomacy remains open

A senior Iranian official briefed on the negotiations said Qatari mediators had presented Iran with a draft agreement intended to end the war with the United States and Israel.

The official said Iran rejected the draft because it contained unacceptable ideas rather than a viable offer.

Iran's foreign minister said Tehran continued to give diplomacy a chance to succeed and that its seven-day proposal could be finalised in under a week if accepted.

The Wall Street Journal reported that US Vice President JD Vance sent a letter to Iranian Security Council chief Mohsen Rezaei.