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The Emirates News Agency reported that oil prices fell with Brent crude closing at US$114.50 per barrel on Monday. This movement came after a sharp rally the prior week during which the benchmark gained more than 6 percent to its highest close in nearly six months. West Texas Intermediate settled down about 1.5 percent near $101.76 a barrel according to trading platforms.
According to the Wall Street Journal traders pulled back from recent highs while considering U.S.-Iran diplomatic initiatives even as further Houthi attacks on Saudi Arabia sustained concerns over potential supply disruptions. Despite the security risks oil shipments through the Strait of Hormuz have recovered substantially in recent days. The publication added that the decline followed Friday’s surge driven by fears of prolonged regional instability.
A Financial Times assessment found that Brent eased 1.3 percent in early London trading after touching $117 in volatile activity late last week. The steadier session arrived as inventories of crude continued to diminish supporting underlying price strength. Oil prices have climbed in recent weeks on the prospect of supply disruptions from the Middle East conflict.
World Oil Monitor data places Brent near $114.10 with WTI at $101.41 as of October 29 2026 underlining the benchmark spread of roughly $12.69. U.S. commercial crude inventories fell 1.9 million barrels last week to 410.6 million barrels according to the Energy Information Administration. The Baker Hughes rig count stood at 603 while refinery utilization reached 92.8 percent.
Analysts at ANZ Research stated that the decline could reflect a technical correction following recent gains although further downside could be limited by geopolitical tensions and the risk of additional supply disruptions. Morgan Stanley raised its fourth-quarter Dated Brent forecast to $105 a barrel citing low inventories record tanker freight costs and persistent risks. The bank noted that supplies from affected Gulf producers and Russia remain 5.5 million barrels a day below year-earlier levels.
The U.S. Energy Information Administration has projected Brent to average $105 per barrel in the fourth quarter of 2026 assuming Middle East flows stay constrained through year end. OPEC+ decided to hold November 2026 production at the September level with no change. This outlook arrives as Chinese imports have recovered from earlier lows and the U.S. has slowed releases from its Strategic Petroleum Reserve.
