Business · 2026-10-27 · Morning briefing

Oil prices ease amid multi-nation diplomatic talks in Tehran

Oil prices fell on Tuesday, with international benchmark Brent crude slipping 0.87% to $114.80 a barrel and U.S. WTI crude declining 0.86% to $100.88. The drop followed a round of diplomatic talks in Tehran on Monday, where officials from Saudi Arabia, Turkey, and Pakistan met with their Iranian counterparts to discuss de-escalating the U.S.-Iran conflict.

The decline was capped by continued instability, as Iran-backed Houthi militants attacked Saudi Arabia over the weekend, making prospects for a lasting resolution appear fragile. The diplomatic push also included representatives from Qatar, a key mediator between Washington and Tehran, who travelled to the Iranian capital on Sunday.

Washington's next move remains undecided. U.S. President Donald Trump said in an interview on Sunday that he was weighing whether to pursue an agreement with Tehran or launch further military action, suggesting additional attacks remained an option.

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• Oil prices ease slightly as Saudi pipeline reopens
• Oil prices retreat as Middle East supply concerns ease amid diplomatic talks
• Oil Prices Ease but Remain on Course for Weekly Gains Amid Middle East Supply Concerns
• Washington fuel prices ease slightly but remain among nation's highest

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