US Vice President JD Vance sent a letter to the secretary of Iran's Supreme National Security Council, Mohsen Rezaei, to reopen negotiations, and Brent was trading at $114.10 a barrel on October 29, 2026, after closing the previous day at $115.32.
The letter, first reported by The Wall Street Journal and covered by Al Jazeera, was delivered through Qatari mediators on Sunday and sets out a framework for negotiation, not closed peace terms. The move comes days before the US midterm elections on November 3, and the same report says Washington asked several Gulf countries to prepare for a brief, intense military campaign against Iran after the elections. For Mexico the channel matters through price: the country is a net importer of gasoline, and the cost of crude feeds through to inflation and to the Mexican export blend. International Crisis Group analyst Hamidreza Azizi told Al Jazeera that addressing the letter to Rezaei is significant, because it reflects a possible shift in Washington's reading of who concentrates influence in Tehran.
According to The Jerusalem Post, the letter, whose delivery was not disclosed, holds that any deal requires discussing Iran's nuclear program from the outset. The New York Times reported that it proposes a meeting with Vance leading the US delegation, in Qatar or Turkey, as soon as next week. Foreign Minister Abbas Araghchi wrote on Wednesday that Iran is still giving diplomacy a chance, and Rezaei, a former Revolutionary Guard commander, will respond formally on Thursday, according to those reports. Donald Trump said he authorized the contact, though he described it as a gesture on medical supplies for the Iranian population. In parallel, diplomats from Saudi Arabia, Qatar, Pakistan and Turkey met with Iranian officials in Tehran on Monday.
Rezaei's response, expected Thursday, and the November 3 electoral calendar set the rhythm for the next two weeks. UBS projects Brent near $110 by year-end, a level that keeps pressure on fuel costs in Mexico.
This article was drafted with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.