Oil Prices Hover Near $115 as Iran-Saudi tensions and U.S. midterm outlook pressure markets
OilPrice. com reported that on 27 October Brent crude fell to $114. 85 a barrel and U. S. West Texas Intermediate dropped to $100. 87, as diplomatic talks raised hopes for Middle-East peace but ongoing Houthi attacks and the threat of a U. S. strike on Iran sustained market nerves. Earlier, Reuters had noted that on 22 October U.
S. officials ordered diplomats and their families to leave Saudi missions after Houthi attacks, prompting crude futures to rise. The Star later said that on 24 October prices slipped after a brief rally to near six-month highs amid continued Saudi facility attacks. CNBC reported on 25 October that both benchmarks fell more than 2 % as fears of further strikes and demand-side pressure grew. OilPrice. com had also observed on 26 October that Brent settled at $114. 42 and WTI at $100. 97 while tanker attacks in the Strait of Hormuz and renewed Houthi strikes on Saudi sites kept supply worries elevated.
