Brent slips as Iran president reportedly discusses mediation with Pakistan army chief
USO•Brent fell 0.76% to $108.72 after reaching a five-month high of $111.99, as traders weighed Iran-Pakistan talks against attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.
1. Oil prices retreat
Brent crude futures fell 83 cents to $108.72 by 12:31 p.m. EDT, after reaching $111.99 earlier in the session, a five-month high. The expiring November U.S. West Texas Intermediate contract dropped 70 cents to $102.96, while the more active December contract fell 64 cents to $97.90.
2. Regional tensions persist
Iranian President Masoud Pezeshkian discussed mediation efforts and regional developments with Pakistan's army chief, Field Marshal Asim Munir, in Tehran. The meeting came as Yemen's Iran-aligned Houthis claimed attacks on Saudi energy, airport and military targets; Saudi authorities did not immediately confirm the claims, and they could not be independently verified. Shiptracker Kpler said at least 18 vessels were reportedly attacked over two weeks.
3. Refinery and diesel supply
U.S. officials said the country is working with domestic refiners to process more crude and is pushing shuttered refineries to reopen. Russian diesel cargoes were returning to traditional destinations, with at least two tankers signaling trips to Turkey and Brazil, shipping data showed.
