Oil prices fell on Monday, October 26, 2026, after surging last week to near six-month highs, amid hopes of easing hostilities between the United States and Iran.
US West Texas Intermediate crude futures were down $2.23, or 2.16%, at $101.04 per barrel by 0426 GMT. Brent crude futures were down $2.21, or 1.89%, at $114.51.
On Friday, prices settled nearly $3 higher after Houthi attacks in Saudi Arabia stoked energy supply concerns. Brent finished the week up 6% and WTI ended 2.3% higher.
Officials disclosed that Qatari mediators travelled to Tehran on Sunday as part of an effort to de-escalate regional tensions in coordination with the United States.
“Concerns over renewed military hostilities in the Middle East, which drove much of last week’s crude rally, have eased this morning, but the reprieve may prove temporary,” the founder of oil market analysis provider Vanda Insights, Vandana Hari, said.
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Hari said United States President Donald Trump has not dispelled market expectations that strikes on Iran could still follow after the November 3 midterm elections.
“We therefore expect volatility to remain elevated, with risks still skewed to the upside,” she added.
Despite the mediation talks, attacks continued over the weekend with the Iran-backed Houthis saying they struck an airport and oil facilities in Saudi Arabia on Saturday. Saudi Arabia said on Sunday it had intercepted more missiles and drones.
The effects of the US-Israeli war on Iran that began on February 28 continue to reverberate as companies adjust to the disruptions of commercial shipping through the key Strait of Hormuz and Bab el-Mandeb Strait caused by the conflict.
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