Oil prices moved lower in

volatile trading on Tuesday (October 27, 2026) as investors assessed growing

diplomatic efforts to ease tensions in the Persian Gulf. Market attention also

turned to Israel’s election and upcoming political developments in the United

turned to Israel’s election and upcoming political developments in the United

States, both of which could influence the next phase of the conflict with Iran.

Brent crude traded below US$115

per barrel after falling nearly 1% in the previous session, while West Texas

per barrel after falling nearly 1% in the previous session, while West Texas

Intermediate (WTI) hovered around US$101 per barrel. Senior officials from

Saudi Arabia, Pakistan, and Turkey traveled to Tehran for talks with the

Iranian government, with all sides agreeing to continue discussions

Iranian government, with all sides agreeing to continue discussions.

Diplomatic activity is also set

to continue at a higher level. Russian President Vladimir Putin is scheduled to

meet Iranian President Masoud Pezeshkian and Qatar’s Emir Sheikh Tamim bin

meet Iranian President Masoud Pezeshkian and Qatar’s Emir Sheikh Tamim bin

Hamad Al Thani on the sidelines of an energy summit in Moscow. The developments

have raised hopes that tensions could be contained through negotiations.

However, risks to energy supplies

remain elevated. Crude flows have recovered to near pre-war levels, but

shipping costs remain high. At the same time, regional tensions persist after

the Saudi-led coalition said it had destroyed four drones and three ballistic

the Saudi-led coalition said it had destroyed four drones and three ballistic

missiles launched by Houthi forces toward the kingdom.

Iran has also reiterated several

conditions for ending the conflict with the United States

conditions for ending the conflict with the United States. Tehran has

reportedly shown flexibility toward a proposal to reopen the Strait of Hormuz,

provided that US restrictions on Iran are lifted within seven days. The waterway

remains one of the world’s most critical routes for dunia energy trade

remains one of the world’s most critical routes for dunia energy trade.

Geopolitical uncertainty

continues to leave oil prices vulnerable to sharp swings. Brent has surged by

around 90% so far this year as the US-Iran conflict disrupted energy flows and

around 90% so far this year as the US-Iran conflict disrupted energy flows and

drew Houthi forces deeper into the confrontation. Markets are now watching

Israel’s election, the Federal Reserve’s policy decision, and the US midterm

elections on November 3 for the next major catalysts

elections on November 3 for the next major catalysts.

In the latest trading, December

Brent futures fell about 1.1% to US$114.57 per barrel, while December WTI

slipped around 1% to US$100.74 per barrel

slipped around 1% to US$100.74 per barrel. Until there is clearer evidence of

de-escalation and normalization of shipping routes, oil market volatility is

likely to remain high.(mrv)

Source : Newsmaker.id

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