Oil falls for second day as Iran discusses conditions to end war; gold rises about 1%
Brent crude futures were down 1.7% at $113.88 a barrel as of 15:10 GMT on Tuesday, CNBC reported, after Iran's supreme leader discussed the country's conditions for ending the war. Gold futures were up about 1% at $4,077.50 an ounce as of 17:41 GMT.
Oil prices fell for a second day on Tuesday 27 October amid diplomatic efforts to reduce tensions in the Middle East.
Brent crude futures were down 1.7% at $113.88 a barrel as of 15:10 GMT, and US West Texas Intermediate futures were also down 1.7% at $100.05, CNBC reported.
Iran’s Supreme Leader Mojtaba Khamenei met his top national security official, Mohsen Rezaei, to discuss Iran’s conditions for ending the war with the United States, according to a post in English on the supreme leader’s social media account cited by CNBC. The post said the current state of “neither war nor peace” needed to end and referred to maintaining control over the Strait of Hormuz.
Saudi Arabia’s defence minister held direct talks with Iranian President Masoud Pezeshkian in Tehran on Monday, with senior Pakistani and Turkish officials also taking part. Iran’s Foreign Ministry spokesman Esmaeil Baqaei said the talks were a step toward regional security cooperation, according to the Tasnim news agency. US President Donald Trump told Fox News on Sunday that he was nearing a decision on whether to reach a deal with Iran or step up military action.
UBS analyst Giovanni Staunovo said in a note that global oil inventories had fallen by about 500 million barrels since February, CNBC reported.
Gold futures were up 1.0% at $4,077.50 an ounce as of 17:41 GMT, according to Yahoo Finance data, ahead of the Federal Reserve’s rate decision on Wednesday.
See also: Monday’s oil and gold moves.
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