Brent crude December futures fell about 0.4 percent to $110.34 a barrel by 09:34, slipping from the previous session’s close of $110.74, as diplomatic efforts to end the US/Israel-Iran war eased concerns over supply. WTI December futures stood at $101.25 a barrel at the same hour.
Brent had touched an intraday high of $112.20 a barrel the previous day. Traders cited a technical resistance level at $112.04 and support at $109.18 for the contract.
Regional diplomacy in focus
A quadrilateral meeting in Tehran brought together Türkiye, Saudi Arabia, Pakistan and Iran to discuss regional security, Israeli activities in the region, and developments in Palestine and Lebanon. The four countries agreed in a concluding statement to continue talks, though investors remain cautious over whether the conflict will durably calm.
Trump has kept open the possibility of new military action against Iran. Iran’s Deputy Chairman of the Supreme National Security Council Ali Bakıri said the United States must accept and implement Iran’s seven conditions before serious negotiations can begin.
Supply-side moves
Bloomberg reported that Saudi Aramco was preparing a $10 billion loan agreement with international banks, amid conflict risks threatening crude exports. The Straits Times reported that Saudi Arabia plans to store crude at the Jurong Rock Caverns in Singapore from the second half of 2027.
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The pipeline offers an alternative route for Saudi exports should the strait face disruption.
Related: Oil slips as hopes grow for ending Iran war; Brent at $115.15 · Brent slips below $110 as US-Iran hostilities may ease
