Brent crude slipped 0.74% to $114.50 a barrel while West Texas Intermediate fell 0.89% to $101.90 on Thursday, October 28, 2026, after a brief rally that had lifted Brent 1.3% and WTI 3% the day before.
The slide coincided with reports that Vice‑President JD Vance had dispatched a letter to Mohsen Rezaei, Iran’s security‑council chief, seeking to restart stalled peace talks, according to the Wall Street Journal citing U.S. officials.
Tension in the Gulf, however, has not eased. The Saudi‑led coalition intercepted a ballistic missile aimed at eastern Saudi Arabia, and Yemen’s Houthi movement reportedly struck a Saudi refinery with a missile earlier this week, raising supply‑chain fears.
U.S. Energy Information Administration data showed a 1.9‑million‑barrel draw from storage during the week ended October 23, while gasoline inventories rose 3.9 million barrels, countering expectations of a decline, adding complexity to market sentiment.
Analysts now watch the U.S. Treasury’s forthcoming policy meeting next week for clues on further easing, while Middle East diplomats push for a formal ceasefire to stabilize crude flow.