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Crude oil prices declined due to reported Iran-Pakistan mediation efforts, continued Houthi and vessel attacks, volatility from piling geopolitical events, an unlikely U.S.-Iran agreement before elections, and the absence of clear bearish headlines. Ongoing geopolitical events, such as Iran-Pakistan talks, Houthi attacks, potential U.S.-Iran and Russia-Ukraine negotiations, and uncertainty over peace deals, are creating significant market volatility and price fluctuations. The U.S. is increasing domestic fuel production efforts, attempting to reopen refineries, and reacting to mild weather forecasts, which influences both crude oil and natural gas market dynamics.
document fetched 2026-10-21 02:56 · canonical https://seekingalpha.com/news/4654972-oil-prices-end-lower-in-volatile-session-amid-reports-of-us-iran-diplomacy?feed_item_type=news