Solid Gold Berjangka – Global oil prices weakened again during Tuesday’s trading session (October 27, 2026), marking a decline for the second consecutive session. This downward pressure follows intensified diplomatic efforts to ease tensions between the United States, Israel, and Iran, which has slightly tempered concerns regarding a broader escalation of the conflict.
Brent crude is trading at approximately US$114.95 per barrel, while West Texas Intermediate (WTI) is hovering around US$102.33 per barrel. This correction follows a surge in oil prices the previous week—which pushed Brent to a six-month high—driven by fears of attacks on energy infrastructure and shipping lanes in the Middle East.
Recent diplomatic initiatives have involved Iran, Saudi Arabia, Turkey, Pakistan, and Qatar. Senior officials from Saudi Arabia, Turkey, and Pakistan met with Iranian leaders in Tehran on Monday to discuss Houthi attacks on Saudi Arabia, the possibility of U.S.-Iran talks, disruptions to shipping in the Strait of Hormuz, and the blockade of Iranian ports.
Although diplomacy has helped alleviate short-term concerns, supply risks remain elevated. U.S. President Donald Trump has not ruled out further military action against Iran, while Tehran has conditioned any negotiation process on the lifting of the U.S. blockade and the removal of sanctions on its oil exports. The conflict continues to disrupt shipping activities through the Strait of Hormuz and the Bab el-Mandeb Strait.
Uncertainty has been further heightened by Houthi claims of attacks on a pumping station along Saudi Arabia’s East-West oil pipeline, as well as an airport in Riyadh. In recent days, Saudi Arabia has also reported the interception of several missiles and drones. Given these conditions, oil prices remain susceptible to a rebound should diplomatic efforts fail to achieve a sustained de-escalation.