Oil falls almost US$2 as Middle East talks help ease supply worries
Brent remains near six-month peaks
Oil prices dropped almost US$2 per barrel on Tuesday (October 27), as geopolitical tensions eased and supply concerns eased. Brent crude futures fell by 1.67% to $113.88 per barrel, while U.S. West Texas Intermediate crude declined by 1.83% to $99.90 per barrel. Iranian officials met to discuss the ongoing conflict with Israel, but a resolution appeared unlikely in the near term.
Cyber-attacks on Saudi Arabia's oil infrastructure continue to hinder output, and heightened security in the Gulf remains a concern. Analysts warn that the risk premium for potential U.S./Israeli strikes on Iran may keep crude prices elevated through the end of 2026.
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