Brent crude slips to $103 as peace negotiations offset supply risks
Global crude oil benchmarks dropped 1% to a nearly four-week low on Tuesday as energy traders weighed diplomatic efforts in the Middle East and Eastern Europe against ongoing regional supply risks. Financial markets and energy buyers saw Brent futures fall $1.33 to $103.44 a barrel, while West Texas Intermediate crude dropped 56 cents to $95.90.
Abu Dhabi to host three-way Ukraine talks as Qatar bridges US-Iran divide
Brent crude reached its lowest settlement point since October 7, while West Texas Intermediate logged its lowest close since October 14. Qatari mediators continue bridging differences between Iranian and American officials following targeted US strikes on Iran’s Qeshm Island. Meanwhile, Saudi Aramco is actively expanding a crude pipeline to bypass the Strait of Hormuz, a maritime chokepoint that previously carried 20 percent of global oil supplies, to secure alternative transport capacity against regional chokepoint risks.
The Kremlin confirmed that Russia will hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10 to 11.
