US oil falls as Vance Iran outreach, diplomacy hopes ease supply fears

What happened

US oil prices fell as investors gauge risks to Mideast supply, with oil easing in Asia on Vance's outreach to Iran and Middle East diplomacy hopes, though Saudi attacks keep supply worries alive. The Trump administration is in ongoing talks for a temporary peace deal with Iran, and Iran's foreign minister said Iran continues to give diplomacy a chance to succeed. South Korea is considering deployment options to the Strait of Hormuz, including aircraft.

What it means for markets

Oil prices eased on diplomacy hopes, but supply disruption fears from Saudi attacks and the Strait of Hormuz attacks persist. Any further escalation involving US military operations or Iranian retaliation at the Strait would amplify the move.

What to watch

• Any Iranian response at the Strait of Hormuz
• Saudi Arabia offers cash to Houthis to stop attacks
• Saudi Arabia to store oil in Singapore to bolster Asia supply security

Source timeline

1. Oct 29, 11:39 AM ET Reuters Vance outreach to Iran related to medical supplies, says Trump
2. Oct 29, 05:03 AM ET Semafor Trump administration in ongoing talks for a temporary peace deal with Iran
3. Oct 29, 02:45 AM ET Reuters South Korea says considering deployment options to Strait of Hormuz, including aircraft
4. Oct 28, 11:33 PM ET investingLive investingLive Asia-Pacific market news: Oil eases on Vance’s Iran outreach
5. Oct 28, 08:28 PM ET Reuters US oil prices fall as investors gauge risks to Mideast supply
6. Oct 28, 12:58 PM ET investingLive Iran's Araghchi: Iran continues to give diplomacy a chance to succeed
7. Oct 27, 08:19 AM ET Reuters Iranian strait authority says Sinokor vessels will face legal action
8. Oct 26, 08:37 PM ET Reuters Oil eases on Middle East diplomacy hopes, Saudi attacks keep supply worries alive
9. Oct 26, 04:20 PM ET Reuters US consumers paying the most for fuel price spikes from Iran war, study says
10. Oct 26, 02:36 PM ET investingLive Saudi Arabia offers cash to Houthis to stop attacks - report
11. Oct 26, 11:21 AM ET Reuters 'No fuel to keep babies warm': shortages push hospitals in Yemen's Taiz to brink
12. Oct 26, 10:53 AM ET Reuters Hezbollah readies for new regional war with funds from Iran, sources say
13. Oct 26, 10:49 AM ET Reuters Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations
14. Oct 26, 06:26 AM ET Reuters How Houthi attacks have grounded flights across Saudi Arabia
15. Oct 26, 04:37 AM ET Reuters Middle East markets rebound as diplomacy fuels hopes of easing Iran hostilities
16. Oct 26, 12:02 AM ET Reuters EXCLUSIVE: How purchases of sanctioned Iranian jet fuel were disguised by Myanmar
17. Oct 25, 10:49 PM ET Reuters IEA's Birol does not expect energy markets to return to pre-war levels in 2027
18. Oct 25, 09:47 PM ET Reuters Saudi Arabia to store oil in Singapore to bolster Asia supply security
19. Oct 25, 01:06 PM ET Reuters Sri Lanka rescues 40 Iranian sailors, spokesman says
20. Oct 25, 05:43 AM ET Bloomberg Riyadh airport resumes flights as Saudis fight Houthi missiles
21. Oct 25, 03:22 AM ET Reuters Iranian army says it shot down US drone over Bandar Abbas, Tasnim reports
22. Oct 24, 02:00 PM ET riotimesonline OPEC: Nigerian Oil Near US$115 a Barrel on Hormuz Attacks
23. Oct 24, 08:45 AM ET Reuters UAE's Ras Al Khaimah shuts all beaches as neighbours grapple with oil spill
24. Oct 23, 04:21 PM ET Reuters Trump says US will 'take care of Cuba' on its way back from Iran
25. Oct 23, 04:05 PM ET Reuters Trump says US may do another military operation against Iran
26. Oct 23, 04:05 PM ET investingLive investingLive Americas market news wrap: War worries boost oil to the highest since May
27. Oct 23, 03:50 PM ET investingLive Trump: We may do another operation against Iran
28. Oct 23, 12:59 PM ET Reuters Iran has detailed plans to hit Gulf undersea cables if war resumes, officials say
29. Oct 23, 12:09 PM ET Reuters Turkey says renewed attack on Iran would expand conflict, diplomacy only way
30. Oct 23, 11:53 AM ET Reuters Trump weighs quick end to Iran war against letting conflict ‘wither’
31. Oct 23, 11:30 AM ET BBC Oil spill washes up on UAE beaches after tanker strike
32. Oct 23, 10:59 AM ET Reuters Ship attacks in Strait of Hormuz hit record high in October
33. Oct 23, 04:14 AM ET Reuters All 14 Indians in yacht incident off Yemen coast reported safe, embassy says
34. Oct 22, 09:04 PM ET Reuters Brent crude jumps to highest since April on Houthi attacks, UAE oil spill
35. Oct 22, 03:20 PM ET Reuters Israeli fire kills four people in Gaza, medics say
36. Oct 22, 10:37 AM ET Reuters Citi sees oil risks skewed to upside despite recovery in Gulf exports
37. Oct 22, 08:01 AM ET The Hill Iran: 7 ships hit in the Strait of Hormuz
38. Oct 22, 07:28 AM ET Reuters Saudi Aramco tells staff to evacuate Dhahran headquarters, sources say
39. Oct 22, 05:30 AM ET 2news Iran says 7 tankers were damaged in the Strait of Hormuz , and other Mideast news

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