Regular Edition · Mon 26 Oct 2026
Commodities — Oil
Brent Retreats From Near Six-Month High as Traders Weigh De-Escalation Efforts and Supply Risks
Oil fell on Monday as Qatari mediators visited Tehran, but continued Houthi attacks on Saudi energy sites kept traders wary of renewed supply shocks.
Chanan Zevin - Chief Editor and Head of Desks
Published
Prices
Reuters reported Brent down $1.49, or 1.28%, at $115.23 a barrel by 0744 GMT, with U.S. WTI down 1.7% at $101.51. Brent finished last week up 6% after Houthi attacks in Saudi Arabia. Euronews, later in the morning, reported Brent trading around $110.
Diplomacy
Qatari mediators travelled to Tehran on Sunday in coordination with the United States, and officials from Saudi Arabia, Turkey and Pakistan were due to meet Iran's leaders on Monday, Reuters reported.
Supply risk
Vandana Hari of Vanda Insights told Reuters the reprieve 'may prove temporary', and expected volatility to stay elevated with risks skewed to the upside. Euronews cited Kpler data showing Gulf crude exports excluding Iran back at pre-war levels in September, with about 40% now bypassing Hormuz through pipelines.
Sources
- Reuters via Yahoo Finance, 'Oil drops from near six-month highs on hopes Iran war hostilities to ease', 26 October 2026 · finance.yahoo.com
- Euronews, 'Oil plunges more than 6% from near wartime highs as diplomacy over Iran seemingly gathers pace', 26 October 2026 · euronews.com
- Reuters via Arab News, 'Oil drops from near six-month highs on hopes Iran war hostilities to ease', 26 October 2026 · arabnews.com