Washington: (RightNow) Efforts by US Vice President JD Vance to engage with Iran have led to a decrease in global oil prices. This development follows attempts at peace negotiations with Iran, resulting in positive investor expectations.

In the global market, Brent crude oil prices have fallen to $114.14 per barrel, while West Texas Intermediate (WTI) prices are at $101.45 per barrel. These prices remain higher than at the beginning of October.

According to the Wall Street Journal, Vice President JD Vance has discussed the prospects of a peace agreement with Mohsen Rezaee, Secretary of Iran’s Supreme National Security Council. US President Donald Trump was also aware of this engagement.

Qatari mediators have presented a new draft peace agreement to Iran. Iran has expressed hope for a diplomatic solution but insists on meeting its conditions.

It is noteworthy that oil prices fluctuated this week, with an increase following reports of Houthi attacks on Saudi Arabia.