Oil prices slip as US-Iran diplomacy offsets Mideast supply fears
• Fears of US action against Iran after Nov 3 keep markets wary
• IRGC says three tankers struck mines trying to cross Hormuz
• Yemeni tribal leaders launch civilian protection code at UN
LONDON: Oil prices fell Thursday in a volatile session as hopes for renewed peace talks between the United States and Iran offset concerns over Middle East supply disruptions, while Yemeni tribal leaders gathered at the United Nations to launch a new civilian protection pact.
Brent crude futures settled down 44 cents, or 0.38 per cent, to $114.88 a barrel. US West Texas Intermediate (WTI) crude futures settled down 78 cents, or 0.76pc, at $102.
Both benchmarks fell by more than $2 a barrel earlier in the session, unwinding some of Brent’s 1.3pc and WTI’s 3pc Wednesday gains.
Reports that the Yemeni army targeted Saudi Aramco in a wave of missile attacks helped oil recover some losses, said John Kilduff, a partner at Again Capital.
“Oil prices are under pressure today amid renewed diplomatic efforts to de-escalate the conflict in the Middle East,” UBS analyst Giovanni Staunovo said.
Qatari mediators have presented Iran with a new draft deal to end the war, but a senior Iranian official dismissed the proposals as unacceptable. Iran’s foreign minister said on Wednesday that Tehran continued to give diplomacy a chance to succeed.
However, intensified attacks by Yemen’s Iran-aligned Houthis and concerns about possible US military action against Iran following the Nov 3 midterm elections limited oil’s decline.
The Saudi-led coalition said on Thursday it intercepted a ballistic missile fired by the Houthis toward the kingdom’s eastern region.
The Houthis also attacked Aden’s airport Wednesday, Yemeni government forces said. The group separately claimed it struck Saudi Arabia’s biggest oil refinery.
Meanwhile, Iran’s Revolutionary Guards said three tankers struck sea mines and caught fire while attempting to use an unauthorised route south of the Strait of Hormuz.
Expectations of increased Russian crude and diesel production also weighed on prices. JPMorgan analysts said Russian refinery runs rebounded by 350,000 barrels a day last week to 4 million barrels a day.
Separately, about 100 Yemeni tribal leaders gathered Thursday at the UN’s Palais des Nations in Geneva to formally launch the Yemeni Tribal Code of Honour for the Protection of Civilians.
The 10-article code, drafted over two years with support from the Geneva Centre for Security Sector Governance, Switzerland and the Netherlands, draws on tribal customs, Islamic values and international humanitarian law.
It was agreed by “tribes of Yemen from all areas, both government-controlled and Houthi-controlled”, Sheikh Abdulkarim Al-Magdashi, who worked on the drafting process, told AFP.
Some 5,000 leaders have signed the code, with around 100 coming to Geneva for the formal launch at the UN’s Palais des Nations headquarters.
“If the role of the tribes can be effective in achieving peace and protecting civilians, then hopefully they can also play a role in the political process,” said Magdashi.
“Yemeni tribes throughout history have been a decisive factor in both war and peace,” Sheikh Salah Batis told AFP.
“We worked from the bottom up… we ensured that the heads of the sub-clans would sign the code. If everybody at this level signs, it will be 10,000, so we are around halfway there,” he added.
Published in Dawn, October 30th, 2026
