Oil and gas prices decline amid signs of US-Iran diplomatic talks

On Thursday, October 29, 2026, international energy markets saw a downturn in oil and gas prices as optimism regarding potential peace talks between the United States and Iran emerged. Brent crude futures dropped to approximately $114.30 per barrel, retreating from recent highs of $117, while West Texas Intermediate (WTI) fell to around $101.50. Additionally, European natural gas prices at the TTF hub in Amsterdam declined by 3.8% to 96.63 euros per megawatt-hour.

The price adjustment follows a surge in the previous session, during which Brent and WTI gained 1.3% and 3% respectively due to supply security concerns. Diplomatic efforts have been initiated by U.S. Vice President J.D. Vance, who reportedly sent a letter to a senior Iranian official to explore potential negotiations. This move is aimed at curbing market instability triggered by ongoing tensions in the Middle East.

Despite the decline, market volatility remains present. While diplomatic initiatives suggest a possible path toward de-escalation, the ongoing attacks by Houthi forces continue to pose risks to energy supply chains. Markets are currently assessing the viability of these peace efforts as investors wait for further signals from the involved parties regarding the future of the dialogue.