Energy · London, UK · United Kingdom · October 29, 2026

Oil slips as US-Iran talk hopes return

Reported by 3 outlets · first reported Oct 29, 2:05 AM ET · from an earlier edition that day

Brent fell about 1.4% to near $110 a barrel after Vance's outreach to Iran. Europe plans to release 42 million barrels of oil, and the EU is paying $11 billion more a month for oil imports.

Why it matters

Fuel costs for drivers, airlines and factories worldwide track the Hormuz situation.

Background

Hormuz disruption since the war began has cut supplies and raised prices.

Sources

• CNBC ↗Oct 29, 9:52 AM ET
• OilPrice ↗Oct 29, 2:05 AM ET
• OilPrice ↗Oct 29, 9:30 AM ET

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

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