Crude oil prices trade lower on reports of renewed US-Iran diplomatic efforts

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At 10.03 am on Tuesday, December Brent oil futures were at $114.66, down by 0.98%, and December crude oil futures on WTI were at $100.75, down by 0.99%

By BL Mangaluru Bureau

Updated - October 27, 2026 at 10:25 AM. | Mangaluru, October 27

Talks to ease tensions in West Asia helped cool crude oil prices on Tuesday | Photo Credit: istockphoto

Crude oil futures traded lower on Tuesday morning following reports of renewed diplomatic efforts to ease tensions in West Asia.

At 10.03 am on Tuesday, December Brent oil futures were at $114.66, down by 0.98 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $100.75, down by 0.99 per cent. November crude oil futures were trading at ₹9,604 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹9,723, down by 1.22 per cent, and December futures were trading at ₹9,460 against the previous close of ₹9,567, down by 1.12 per cent.

Reports said Saudi Arabia, along with Pakistan and Turkey, held discussions with Iranian officials in Tehran on Monday to ease tensions in West Asia. Saudi Arabia urged the need to establish open negotiating channels to prevent the return of military escalations in West Asia. This development helped ease fears of oil supply disruption.

The meeting in Tehran comes a few days before the US mid-term elections. On Sunday, US President Donald Trump told Fox News that it was ‘getting to be decision time’ on whether to strike a deal with Iran or ‘finish off’.

Meanwhile, the Houthis said on Monday that they had attacked East-West crude oil pumping stations and Riyadh airport in Saudi Arabia.

The Executive Director of the International Energy Agency (IEA), Fatih Birol, said on Monday that energy markets were unlikely to return to their pre-war conditions in 2027.

Speaking at the Singapore International ⁠Energy Week conference, he said: “I am afraid I don’t see any credible pathway that the markets will go next year, where we were before this war has started.”

October copper futures were trading at ₹1,392 on MCX during the initial hour of trading on Tuesday against the previous close of ₹1,386.10, up by 0.43 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹15,150 in the initial hour of trading on Tuesday against the previous close of ₹15,309, down by 1.04 per cent.

December dhaniya futures were trading at ₹16,564 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹16,692, down by 0.77 per cent.

Published on October 27, 2026

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