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Oil prices drop as peace talks ease Middle East tensions and supply fears.

Market News
29 Oct 2026, 10:48 WIB
CNBC
View Source
Neutral
Oil prices drop as peace talks ease Middle East tensions and supply fears.

Oil prices fell sharply after reports emerged that U.S. Vice President JD Vance contacted Iranian officials to restart peace negotiations, easing fears of supply disruptions from Middle East conflicts. Brent crude dropped 1.23% to $113.9 per barrel, and U.S. West Texas Intermediate crude fell 1.42% to $101.32 per barrel. Despite some diplomatic progress, significant hurdles remain as Iran rejected some proposals, though it remains open to talks. Investors remain cautious due to ongoing risks of attacks and potential U.S. military action, keeping prices elevated and impacting inflation and monetary policy outlooks.

Oil prices fall as renewed U.S.-Iran peace efforts ease supply fears, with Pluang market data as of Oct 29, 2026 12:51 WIB showing breadth among 79 priced Energy-sector US stocks where 55 rose and 22 fell. Notable movers include UGP at USD 6.13 with a 1-day change of -4.22%, PTEN at USD 12.73 up 4.17%, and VAL at USD 101.85 rising 3.71%. The most notable figure is PTEN's 4.17% increase.

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