Oil prices fell on Thursday, giving back part of the previous day’s gains, as hopes for revived peace talks eased fears of Middle East supply disruption. Brent crude futures declined $1.22, or 1.1 percent, to $114.10 a barrel at 0351 GMT, while US West Texas Intermediate crude fell $1.33, or 1.3 percent, to $101.45 a barrel.
The pullback followed reports that US Vice President JD Vance had written to Iran’s security chief seeking to revive negotiations. But the fall was limited: Houthi attacks continued, including on Aden airport on Wednesday, and markets still fear the US could act against Iran after its 3 November midterm elections. US crude stocks also fell 1.9 million barrels in the week to 23 October, the fourth straight weekly draw.
For Pakistan, which imports most of its oil, any sustained fall from above $115 would ease pressure on the import bill and future pump prices. At above $114, however, crude remains historically high, so one day’s dip is relief, not a turning point.
Sources: Reuters, Express Tribune. Written in our own words for information only.