Brent crude currently trades at $114.14 per barrel, while West Texas Intermediate sits at $101.45. Both benchmarks remain elevated compared to early October levels, yet the market reacted to reports that Vance contacted Mohsen Rezaei, a former commander of the Islamic Revolutionary Guard Corps. Although President Trump recently claimed the U.S. would not negotiate, reports suggest he authorized this back-channel initiative.

Optimism among traders persists despite the complexity of the conflict. Qatari mediators have introduced a new peace proposal, and while Tehran insists on specific conditions, officials maintain that a diplomatic resolution remains possible. These efforts contrast with the ongoing instability in the region, where Houthi forces continue to strike Saudi infrastructure, including a recent attack on Aden airport. Meanwhile, the intensity of Ukrainian drone strikes against Russian refineries has subsided, with no confirmed incidents reported since the Ryazan facility was targeted on October 15.