TLDR
- Brent crude traded near $115 to $116 a barrel on Tuesday, while WTI sat near $101 to $102.
- Iran, Saudi Arabia, Pakistan and Turkey agreed to keep talking after a Tehran meeting.
- Houthi forces claimed attacks on Saudi pipeline pumping stations and Riyadh airport.
- Oman said talks with Iran produced an outline to restore free navigation in the Strait of Hormuz.
- The IEA’s Fatih Birol said energy markets are unlikely to return to pre-war conditions in 2027.
Oil prices moved up and down on Tuesday as traders weighed diplomatic efforts against new attacks in the Middle East. Prices were mixed depending on the contract and time of day.
Benchmark Brent crude futures rose 0.5% to $116.38 per barrel in early trading, according to Investing.com. U.S. West Texas Intermediate futures gained 0.6% to $102.35. Both had declined earlier in the session.
Later reports showed a different picture. December Brent futures fell 0.8% to $114.93 a barrel, and December WTI dropped 0.9% to $100.90, according to the Wall Street Journal.
Last week, Brent touched six-month highs. Fears of further attacks on energy sites and commercial shipping drove that rise.
Diplomatic Push Over Iran Conflict
Senior officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran on Monday. A joint statement said the four countries agreed to continue talks on regional peace and security.
🇸🇦🇮🇷 Saudi Arabia's defense minister flew to Tehran while Houthi drones were hitting his own country… and that tells you what Riyadh thinks of Washington's protection
Defense Minister Prince Khalid bin Salman, the crown prince’s younger brother, sat down Monday with Iran's… pic.twitter.com/g4Gfb2Oo9F
— Mario Nawfal (@MarioNawfal) October 27, 2026
Saudi Arabia’s Foreign Ministry said the visit aimed to reduce tensions and support mediation by Qatar and Pakistan. It called for opening channels of negotiation to prevent a return to military escalation.
Talks covered Houthi attacks on Saudi Arabia, possible U.S.-Iran talks, shipping disruptions in the Strait of Hormuz and the U.S. blockade of Iranian ports. Qatari officials have also been speaking with Tehran.
Oman said its discussions with Iran produced an outline for a temporary arrangement to restore free navigation through the Strait of Hormuz. Omani Foreign Minister Badr Albusaidi said it would require compromises from both Washington and Tehran.
U.S. President Donald Trump has left open the chance of more military action against Iran. Tehran has said talks with Washington would require an end to the blockade and the lifting of sanctions on Iranian oil exports.
Attacks Continue in the Region
Houthi forces said on Monday they attacked pumping stations on Saudi Arabia’s East-West crude pipeline and Riyadh airport. Saudi Arabia had not immediately confirmed the claims, though it has reported intercepting missiles and drones in recent days.
The Saudi-led coalition said it intercepted a ballistic missile launched by Yemen’s Houthi militia toward Riyadh. It also said it destroyed four ballistic missile launchers and five tunnels used to store missiles in Yemen.
Analysts at Capital Economics said the U.S. naval blockade, now in place for more than 100 days, is hurting Iran’s economy. They said the rial has fallen and inflation is close to 90% a year.
International Energy Agency Executive Director Fatih Birol said on Monday that energy markets are unlikely to return to pre-war conditions in 2027. Saudi Aramco also plans to start storing crude oil in Singapore in the second half of 2027.
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