IMO has verified more than 130 Hormuz vessel attacks since war began
Oil prices fell 1% Thursday as investors weighed the prospects for renewed U.S.-Iran diplomacy against Tehran’s conditions for reopening the Strait of Hormuz and continuing threats to regional shipping. Front-month Brent crude futures declined 1% to $91.79 a barrel, and front-month West Texas Intermediate futures fell 1% to $85.69 a barrel.
The retreat reflected two pressures that remain in tension: a diplomatic channel that has not yet produced direct talks, and a security environment in which threats to regional shipping continue. Neither was resolved on Thursday.
Vice President JD Vance is considering direct talks with a senior Iranian security official to help end the war, The Wall Street Journal reported, citing U.S. and Middle Eastern officials and people familiar with the negotiations.
President Trump has empowered Vance to negotiate, the Journal reported, though discussions about a face-to-face meeting remain preliminary.
Strategists at Singapore-based bank OCBC said expectations of reduced U.S.-Iran escalation following the midterm elections have weighed on crude. Resilient Gulf exports, easing freight costs and softer physical-market conditions have also pressured prices, the strategists said.
Security threats persisted. Saudi Civil Defense said Thursday that debris from two intercepted Houthi ballistic missiles had fallen in the Mecca region the previous day, including in Sabuhah village, according to the Saudi Press Agency.
The International Maritime Organization said Wednesday that it had verified more than 130 attacks on commercial vessels in the Strait of Hormuz since the war began on Feb. 28. At least 25 seafarers have been killed, with others missing or injured, the agency said.
OCBC maintained its year-end forecast for Brent at $100 a barrel, citing tanker attacks, longer shipping routes and limited vessel availability as factors keeping delivered crude costs elevated.
Investors also awaited the U.S. Energy Information Administration’s weekly petroleum report, due later Thursday after a one-day delay for Veterans Day. The International Energy Agency’s monthly oil-market report is scheduled for Friday.