Oil prices fall as renewed U.S.-Iran peace efforts ease supply fears

A pumpjack operates outside of Midland, Texas, US, on Thursday, Oct. 15, 2026. Eli Hartman | Bloomberg | Getty ImagesOil prices declined Thursday as prospects of renewed peace negotiations eased fears of supply disruptions stemming from escalating tensions in the Middle East.Brent crude futures fell 1.23% to $113.9 per barrel, while U.S. West Texas Intermediate crude futures slipped 1.42% to $101.32 per barrel.The pullback followed reports that U.S. Vice President JD Vance had reached out to Iranian Security Council chief Mohsen Rezaei in an attempt to restart peace negotiations, according to the Wall Street Journal, which cited U.S. officials and people familiar with the discussions.Qatari mediators have also reportedly put forward a fresh proposal aimed at ending the conflict involving Iran, the U.S. and Israel. However, a senior Iranian official rejected the proposals as unacceptable, suggesting significant hurdles remain to securing a diplomatic breakthrough.Iran's foreign minister said on social media platform X that Tehran remained open to diplomatic efforts, raising the possibility of accelerating a proposed seven-day peace plan if an agreement is reached.Still, investors ar...