According to CoinMeta, crude oil prices fell on Thursday, with Brent oil prices dropping below $80, and WTI prices approaching $74, mainly due to increased US inventories, easing tensions in Iran, and higher production. The trading price of Brent crude oil in October was $79.08 per barrel, while in September, WTI crude oil prices dropped to $74.69. Analysts pointed out that negotiations between Iran and Oman could support broader talks between Washington and Tehran, and any agreement to improve tanker traffic through the Strait of Hormuz could reduce the geopolitical premium in Brent and WTI prices. Nevertheless, regional risks remain, as Iran has warned that it will retaliate against energy infrastructure in the event of further attacks. US supply data showed that commercial crude oil inventories increased by 2.5 million barrels to about 407 million barrels, whereas analysts had expected a decrease of 1.5 million barrels. Policy factors also added to the bearish sentiment, as the organization approved an increase in production of about 188,000 barrels per day in September, completing the voluntary production cuts plan for 2023.