Brent Slips to $114.10 as Traders Weigh Iran Diplomacy and Supply Risks

Brent crude traded at $114.10 a barrel early on Thursday, October 29, as traders weighed reported diplomatic efforts to avert renewed U.S. military action against Iran alongside risks to regional oil supply. The price observation was recorded at 07:48 UAE time. U.S. benchmark West Texas Intermediate was above $101 a barrel, with both benchmarks retreating after gains in the preceding session. On Wednesday, Brent settled at $115.32, up 1.3%, while West Texas Intermediate finished at $102.78, a gain of 2.9%. Continuing uncertainty over the conflict and the possibility of supply disruption had kept prices near multimonth highs. The Thursday decline came amid efforts to restart diplomacy, rather than a confirmed agreement ending the supply risks. In research published on October 23, Goldman Sachs oil-research head Daan Struyven described precautionary buying by refiners and investor hedging as factors supporting prices despite recovering crude flows. He said: “Physical buyers such as refiners are seeing growing downside risks to supply.” Goldman estimated Gulf crude exports over the preceding couple of weeks at 110% of their 2025 average, while refined-product exports, including diesel, were at 40%. Struyven linked buyers’ concerns to shipping attacks and Houthi strikes on infrastructure, and cited refinery damage and difficulties arranging transfers as constraints on refined products. Those estimates describe the period covered by the October 23 research, rather than Thursday’s trading session.