December Nymex West Texas Intermediate crude futures dropped $2.60 to $100.15 a barrel on Thursday, while January WTI fell $2.50 to $98.45. Global benchmarks followed suit: London-based ICE December Brent crude slid $1.95 to $113.35, with January contracts down $2.15 to $109.45. These losses put both benchmarks on track to finish lower in three of the last four sessions, effectively erasing the previous day's gains.

Refined products mirrored the slide. December Nymex ULSD futures retreated 15.45 cents to $4.5095 a gallon, while November contracts fell 15.5 cents to $4.66. RBOB futures saw similar pressure, with December contracts down 6 cents to $3.0485 and November dropping 4.45 cents to $3.129.

The market shift follows a Wall Street Journal report detailing Vice President JD Vance’s outreach to key Iranian figures. While President Trump continues to threaten potential military action following next week's midterm elections, the active pursuit of peace negotiations has introduced a new variable for traders. Despite Thursday's pullback, oil and diesel prices remain on track for monthly gains, sustained by ongoing uncertainty regarding potential U.S. and Israeli strikes against Iran.