U.S. and Brent Crude Fall as Iran’s Supreme Leader Calls for End-of-War Terms

U.S. crude and Brent each fell about $0.80 a barrel on Oct. 27, while Iran’s supreme leader called for conditions that would satisfy an end to the war, putting a political signal alongside a short-term move in oil markets.

U.S. crude was last priced at $100.94 a barrel, while Brent stood at $110.30. The two benchmarks posted nearly the same dollar decline, and both quoted prices remained above $100 a barrel.

Iran’s supreme leader called for conditions that could meet the requirements for ending the war. The appeal was a call to put forward terms; it did not announce an end to the conflict.

The oil figures show both benchmarks moving lower in the short term, with U.S. crude below Brent at the latest quoted levels. The political development concerned conditions for ending the war, while the price move covered U.S. crude and Brent. Taken together, a call about ending the conflict came alongside a near-term decline in two oil benchmarks.