Oil Prices Dip as Diplomacy with Iran Resurfaces

Global oil prices weakened during Thursday’s trading session (October 29) as market participants monitored intensifying diplomatic efforts aimed at preventing a potential resumption of U.S. military action against Iran. Brent crude fell to approximately US$113 per barrel, while West Texas Intermediate (WTI) hovered around the US$102 per barrel mark.

Downward pressure on oil prices emerged following reports that U.S. Vice President JD Vance had been in communication with Mohsen Rezaei, a high-ranking Iranian security official. Iranian Foreign Minister Abbas Araghchi also emphasized that Tehran remains open to diplomatic channels, while President Donald Trump acknowledged that discussions with Iran are ongoing through intermediaries.

Brent Oil price at the time of this analysis: $113.77

- Buy if the price moves to $113.65

- Sell if the price moves to $113.90

Resistance 2: $114.15

Resistance 1: $114.00

Support 1: $113.60

Support 2: $113.45

Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.