Brent Crude Oil Price: $114.20 as a Vance Letter to Iran…
By Tobi Opeyemi Amure
AI summary of the source article
Brent crude futures dropped approximately 1 percent to $114.20 a barrel following reports that US Vice President JD Vance wrote to Iran to revive peace talks, offsetting prior gains driven by potential US strike reports.
Why it matters
With Brent above $110, oil is a direct input to headline inflation; a hot print strengthens the case for higher rates, which weighs on demand expectations at the margin.
Key facts
- Brent crude futures fell about 1 percent to $114.20 a barrel, while WTI dropped 1.4 percent to $101.40.
- The price drop followed reports of a letter from US Vice President JD Vance to Iranian security official Mohsen Rezaei seeking to revive peace talks.
- US crude inventories fell by 1.9 million barrels in the week to 23 October, marking a fourth consecutive weekly draw.
Source excerpt · FinanceFeeds
Updated 29 October 2026. Brent crude futures fell about 1 percent to $114.20 a barrel in Asian trade on Thursday, with WTI down 1.4 percent to $101.40, after reports that US Vice President JD Vance wrote to Iranian security official Mohsen Rezaei to revive peace talks (Reuters, via HDFC Sky). OilPriceAPI's spot-basis Brent assessment was $114.00 at 06:41 UTC. Verdict: the market is now pricing two…