Oil falls as reported US-Iran contacts raise hopes for talks

Oil prices fell in Thursday trading as reports of renewed U.S.-Iran diplomatic contacts eased immediate concerns about supply disruptions, while continuing regional tensions kept crude above $100 a barrel in reported market quotes. Brent crude futures were quoted at $113.32 a barrel and West Texas Intermediate at $100.66 in one Thursday report. Other reports recorded different intraday levels, reflecting quotes taken at different times; the figures were not all settlement prices. Both benchmarks had risen the previous day. The diplomatic reports included an account that Vice President JD Vance sent Iranian official Mohsen Rezaei a letter seeking to revive negotiations. The account, attributed to U.S. officials and people familiar with the matter, has not been confirmed through publication of the letter. A separate report said any renewed discussions would need to address Iran’s nuclear program. Iranian Foreign Minister Abbas Araghchi said in an October 28 post on X that Tehran remained open to diplomacy and was consulting intermediaries about ideas for a seven-day plan. He said the plan could be carried out in less than a week, but did not identify the intermediaries or give a...