Oil Slides as Traders Weigh Renewed Iran Diplomacy; WTI Near $102, Brent at $115

Oil fell as traders assessed fresh Middle East diplomatic efforts aimed at averting a potential restart of U.S. military strikes on Iran. West Texas Intermediate dropped toward $102 a barrel after rising almost 3% in the previous session, while Brent closed near $115. Iranian Foreign Minister Abbas Araghchi said Tehran continues to give diplomacy a chance, and the Wall Street Journal reported U.S. Vice President JD Vance had contacted Mohsen Rezaei, secretary of Iran's top security body. President Donald Trump told Axios on Wednesday that negotiations were underway through mediators but said he did not know whether they would succeed. Brent has rallied 11% this month, touching its highest since April as the conflict dragged on, pressuring consumers and complicating central bankers' inflation fight. The Federal Reserve held policy steady this week, though traders expect tightening to resume in December. U.S. midterm elections are set for Nov. 3, with Trump signaling he may resume a military campaign after the vote, possibly alongside Israeli forces.