Singapore, 29 October 2026 – Oil prices eased as traders assessed new diplomatic contacts involving Iran and the United States, following a session in which crude had risen about 3%. West Texas Intermediate was near US$102 a barrel, while Brent had settled close to US$115, according to the market report. Iran’s foreign minister said Tehran continued to give diplomacy a chance, but no agreement or reduction in supply risk had been confirmed.
The move matters across Asia because higher crude prices feed into import bills, transport costs and inflation expectations. The confirmed development is a shift in market pricing as traders weighed diplomatic signals; it is not evidence that a deal has been reached. For energy importers and investors, the distinction is critical: lasting relief depends on verifiable progress and actual flows, not headlines or informal contacts.
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