Brent Slips Toward $114 on 29 October as Renewed Diplomacy Eases Escalation Fears
Brent moved down toward $114 a barrel on Thursday, away from four-year highs, as investors weighed renewed diplomatic efforts.
Brent crude slipped toward $114 per barrel on Thursday 29 October, moving away from four-year highs, as investors assessed renewed diplomatic efforts to prevent further escalation in the Middle East conflict, according to Trading Economics.
On Wednesday, Brent had settled near $114 after reaching as high as $116.50 earlier in the session. Reports that President Donald Trump was considering a short, intense campaign after next week's US midterm elections supported prices, although no final decision had been made.
Different Brent measures give different numbers. The Federal Reserve's FRED data series for Europe Brent spot prices shows $128.30 on 23 October and $123.10 on 27 October. Spot prices for physical cargoes can differ from the futures contracts that most news reports quote.
For perspective, Brent's lowest intraday price in the past year was about $58.66 on 16 December 2025, according to Forbes, which means prices have roughly doubled since then.