Oil prices slip from near six-month highs as Saudi supply concerns persist
Oil prices fell on Monday after rising to near six-month highs late last week. Brent traded around $114 to $115 a barrel as attacks on Saudi Arabia kept supply concerns in focus.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- Brent crude fell about 1.3% to 2.3% on Monday, depending on the time and outlet, to roughly $114 to $115 a barrel.
- US crude (WTI) traded near $101, down from last week's highs.
- Hopes of easing Iran-related tensions weighed on prices, while attacks on Saudi Arabia kept investors cautious.
Oil prices fell on Monday, 26 October 2026, after surging to near six-month highs late last week. Ongoing attacks on Saudi Arabia kept concerns about supply in focus, according to Business Recorder.
Business Recorder reported that US crude futures were down $1.60, or 1.55%, at $101.67 a barrel by 0018 GMT, while Brent futures were down $1.56, or 1.34%, at $115.16. Later in the session, it said Brent had slipped 1.6% to $114.88.
The Express Tribune reported Brent down $2.21 at $114.51 a barrel and US West Texas Intermediate down $2.23 at $101.04. Express News, citing Gulf News, said that by 10:20 am Brent was down 2.29%, or $2.68, at $114.04, and WTI was down 2.49%, or $2.58, at $100.69. The figures differ slightly because they were taken at different times.
Prices had settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia raised energy supply concerns, Business Recorder said. Brent finished the week up 6% and WTI ended 2.3% higher. Business Recorder also reported that Brent futures rose 6.2% last week to their highest weekly close since mid-2022.
Business Recorder linked Monday's dip to reports that Qatari mediators were in Tehran on Sunday as part of an effort, coordinated with the US, to ease regional tensions. Express News said hopes of lower tension between Iran and the US put pressure on prices, though investors stayed cautious over continued attacks on Saudi oil facilities.
Express News reported that Brent has risen about 90% this year on fears of reduced supply. It added that on Friday prices also jumped amid reports that the US and Israel could be preparing attacks on Iran after the US midterm elections in early November.
Market experts cited by Express News said part of the fall reflected oil having been overbought, with investors selling to take profits. They said the risk of renewed volatility remains because of possible military action against Iran and regional tension.
Business Recorder said Asian stock markets traded cautiously as oil eased, ahead of a week of central bank meetings and corporate earnings that will test investor confidence in the AI boom.
Why it matters
Global crude prices feed directly into Pakistan's petrol, diesel and LPG prices and the national import bill.
