Crude Oil Falls on Diplomacy Hopes
Crude oil fell below $101 a barrel on Thursday as markets weighed renewed diplomatic efforts to prevent further US military action against Iran. US Vice President JD Vance reportedly contacted Iranian officials, while Foreign Minister Abbas Araghchi said Tehran remained open to diplomacy. President Donald Trump confirmed communication with Iranian authorities, although he described the outreach as focused on medical supplies and acknowledged uncertainty over whether negotiations would succeed. Earlier, reports indicated that US officials advised regional allies to prepare for possible military operations after the November midterm elections. Meanwhile, Europe plans to release 42 million barrels of oil reserves over the next three months, including a substantial volume of diesel, as part of efforts to increase available supply and moderate energy costs.
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Crude oil fell below $101 a barrel on Thursday as markets weighed renewed diplomatic efforts to prevent further US military action against Iran. US Vice President JD Vance reportedly contacted Iranian officials, while Foreign Minister Abbas Araghchi said Tehran remained open to diplomacy. President Donald Trump confirmed communication with Iranian authorities, although he described the outreach as focused on medical supplies and acknowledged uncertainty over whether negotiations would succeed. Earlier, reports indicated that US officials advised regional allies to prepare for possible military operations after the November midterm elections.
Meanwhile, Europe plans to release 42 million barrels of oil reserves over the next three months, including a substantial volume of diesel, as part of efforts to increase available supply and moderate energy costs.