Crude oil futures fall amid reports of planned US-Iran talks

Crude oil futures traded lower on Thursday morning following reports that US Vice President JD Vance is planning to hold direct talks with an Iranian representative to end the war in in West Asia.

At 10.02 am on Thursday, January Brent oil futures were at $91.29, down by 1.58 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $85.30, down by 1.42 per cent. November crude oil futures were trading at ₹7995 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8184, down by 2.31 per cent, and December futures were trading at ₹7937 against the previous close of ₹8113, down by 2.17 per cent.

A Wall Street Journal report said Vance is considering face-to-face talks with a top Iranian security official as he emerges as the lead negotiator with Iran in an effort to end the war in West Asia.

In recent days, US President Donald Trump has told top aides and counterparts he is open to Vance restarting talks with Iran and has empowered him to negotiate, it said. The report, which quoted unnamed US officials, said discussions about sending Vance to meet directly with Iranian officials remain preliminary.

Iranian security chief Mohsen Rezaei said in televised remarks that Iran will not allow even a single particle of enriched nuclear material to leave the country and there will be consequences if US launches new strikes.

Meanwhile, negotiators from Russia and Ukraine, who met in Abu Dhabi for peace talks, agreed to a major prisoner exchange. Quoting US mediators, a Reuters report said differences remained on other major issues, including territory.

November natural gas futures were trading at ₹308 on MCX during the initial hour of trading on Thursday against the previous close of ₹305.90, up by 0.69 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), November pepper contracts were trading at ₹799.9 in the initial hour of trading on Thursday against the previous close of ₹794, up by 0.74 per cent.

November guargum futures were trading at ₹16343 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹16298, up by 0.28 per cent.

Published on November 12, 2026