Brent falls to $113.88 as talks involving Iran continue
Brent settled down $1.93, or 1.67%, and West Texas Intermediate closed at $99.90, though Houthi attacks on Saudi Arabia kept prices near six-month highs.
Source published · In the Daily Brief of 28 October 2026
Oil fell on 27 October after Iran, Saudi Arabia, Turkey and Pakistan agreed to keep talking about regional security, which eased some concern over Middle East supplies. Brent had risen above $117 a barrel the previous week, its highest since April, after a wave of attacks on tankers around the Strait of Hormuz.
Supply risks remain. The Houthis said a ballistic missile had struck Ras Tanura, Saudi Arabia’s largest refinery, and there is still no agreement to end the war with Iran. UBS raised its forecast and now expects Brent to stay near $110 a barrel through the end of 2026, up from $100.