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Brent drops US$1.93 a barrel on October 27 amid Iran talks
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Brent crude fell US$1.93 a barrel on October 27, 2026, as continued diplomacy involving Iran, Saudi Arabia, Turkey and Pakistan eased some concerns over Middle East oil supplies. Shipping disruption and the absence of an agreement to end the US-Israe
Key facts
- Brent futures settled at US$113.88 a barrel, down 1.67%, while US West Texas Intermediate crude lost US$1.86, or 1.83%, to close at US$99.90.
- Swiss bank UBS now expects Brent to remain near US$110 a barrel through the end of 2026, compared with its previous year-end forecast of US$100.
- Brent had climbed above US$117 a barrel in the previous week, its highest level since April, following a wave of Iranian attacks on tankers around the strait.
- Russian refineries increased crude processing by 25% in the second half of October compared with the beginning of the month after persistent Ukrainian drone attacks on the plants ceased, three industry sources told Reuters.
- October has recorded the highest number of attacks on commercial shipping in the Strait of Hormuz and surrounding waterways since the Washington Institute for Near East Policy began tracking maritime security incidents worldwide in 2017,
Summary
Brent futures settled at US$113.88 a barrel, down 1.67%, while US West Texas Intermediate crude lost US$1.86, or 1.83%, to close at US$99.90.
US stocks mostly advanced on October 27, supported by a rally in technology shares linked to enthusiasm for artificial intelligence.