{
  "id": 16586964,
  "title": "Oil plunges more than 6% from near wartime highs as diplomacy over Iran seemingly gathers pace",
  "url": "https://urgent.news/2026/10/26/oil-plunges-more-than-6-from-near-wartime-highs-as-diplomacy-over",
  "topic": "world",
  "section": "World",
  "published": "2026-10-26T10:18:53.000Z",
  "source": {
    "name": "Euronews",
    "slug": "euronews",
    "url": "https://www.euronews.com/2026/10/26/oil-plunges-more-than-6-from-near-wartime-highs-as-diplomacy-over-iran-seemingly-gathers"
  },
  "original_language": "en",
  "account": "Oil prices plummeted more than 6% on Monday as diplomatic efforts to de-escalate tensions between Iran and the United States gained momentum, following President Donald Trump's mention of a potential deal with Tehran. Brent, the global oil benchmark, dropped below $110 per barrel, while US benchmark West Texas Intermediate fell about 2% to $101.5 per barrel. This marked a sharp decline from the near-wartime peak of $117.4 per barrel observed on Friday. Brent's previous high was in March 2020, just 2% below the $119.5 mark reached at the start of the Iran conflict. Before the war, Brent traded at approximately $72 per barrel.\n\nThe recent price surge was attributed to attacks by Iran-aligned Houthi rebels in Yemen on Saudi Arabian airports and energy facilities, which disrupted oil exports from the world's largest oil exporter. Diplomatic efforts to ease tensions intensified, with Qatari mediators reportedly traveling to Tehran on Sunday for talks with Washington. Additionally, Saudi Arabia's defense minister, Pakistan's army chief, and Turkey's intelligence chief were scheduled to meet in Tehran on Monday for regional security discussions.\n\nPresident Trump framed the situation as a choice, asking whether he should engage in diplomacy or continue military actions against Iran. In an interview with Fox News, he posed the question, \"do I make a deal with them, or do I finish them off?\" Supply risks persisted, as the Houthis claimed further attacks on Saudi airports and energy sites over the weekend, and Riyadh reported additional missile and drone interceptions.\n\nDuring a campaign event in Michigan, Trump defended his administration's decision to initiate the conflict, citing the Wall Street Journal. He claimed that oil exports from the Strait of Hormuz, which used to carry about a fifth of the world's oil before the war, are now surpassing pre-war levels. The US navy, according to Trump, has performed remarkably well.\n\nInvestors also focused on upcoming central bank decisions, with European markets showing resilience, with indices such as the Stoxx 600 and Euro Stoxx 50 trading above their Friday levels. Major European indices like the FTSE 100, DAX, CAC 40, FTSE MIB, and SMI also experienced gains ranging from 0.3% to 1%. Meanwhile, Spanish IBEX 35 and Dutch AEX indices were flat.\n\nIn the United States, S&P 500 and tech-heavy Nasdaq 100 futures were also up by 0.3%. The week ahead was marked by significant events, including the US Federal Reserve's rate decision on Wednesday, expected to maintain the rates between 3.75% and 4%, followed by a potential hike in December. The European Central Bank, France's bond market turmoil, and the Bank of Japan's meeting on Friday further contributed to the busy schedule. Additionally, earnings season peaked, with Alphabet, Microsoft, Amazon, BP, and Shell reporting their results.",
  "summary": "Brent crude fell more than 6% on Monday morning, retreating from its highest close since March, as regional mediators headed to Tehran and US President Donald Trump weighed a deal with Iran, while investors braced for a week packed with central bank decisions and earnings reports.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "CBS News",
        "title": "Iran shrugs off Trump's attack threats, says diplomacy ongoing",
        "url": "https://urgent.news/2026/10/26/iran-shrugs-off-trumps-attack-threats-says-diplomacy-ongoing",
        "published": "2026-10-26T11:25:53.000Z"
      },
      {
        "outlet": "Jerusalem Post",
        "title": "Iraq's government struggling amid threats of rebellion, protests, rising Iran tensions - analysis",
        "url": "https://urgent.news/2026/10/26/iraqs-government-struggling-amid-threats-of-rebellion-protests-rising",
        "published": "2026-10-26T12:10:51.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}