NYMEX Overview: Crude Prices Falling on Efforts to De-Escalate Mideast Tensions — OPIS

Crude oil prices were seeing solid declines Monday morning, while refined product futures were largely flat, as oil markets reacted to efforts to de-escalate the conflict in the Middle East.

U.S. crude prices were off by about 2.2% at 11:15 a.m. ET, with the December West Texas Intermediate crude contract trading $2.30 lower to $100.97/bbl.

January prices were falling by $2.10 to $98.84/bbl.

Brent crude was trading about 1.5% lower, with the December contract down $1.70 to $115.02/bbl as it starts its final week in the front-month position.

The more active January Brent contract was $1.56 lower to $110.14/bbl.

Most activity in refined product contracts was also focused on the next-month contracts as the end of October approaches.

ULSD futures were mixed, with November prices down 0.09ct in very light trade to $4.9833/gal while December prices climbed by 0.76ct to $4.7946/gal.

The lightly traded November RBOB contract was up 1.34cts to $3.2250/gal while December prices were ahead by 0.94ct to $3.1378/gal.

The drop in oil prices comes as news reports indicate Saudi Arabia's defense minister was in Iran on Monday to meet with officials there in an effort to reduce tensions between the two countries.

Crude prices had seen two days of sharp gains last week amid an increase in attacks on tankers in the Persian Gulf and by Houthis on Saudi targets. Prices were also sent higher following reports that the United States and Israel were planning a new round of strikes on Iran in coming weeks.

"The pressure on oil markets is coming from both supply disruptions and rising transport costs. Attacks on Saudi infrastructure and reduced flows through the

Strait of Hormuz are tightening supply," Claudio Galimberti, chief economist at Rystad Energy, said in an analysis Monday. "The intensification of the Houthi campaign against Saudi Arabia is contributing to higher freight rates, alongside already tight tanker supply from the Persian Gulf."

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Steve Cronin, steven.cronin@dowjones.com; Editing by Dean Visser, dean.visser@dowjones.com

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(END) Dow Jones Newswires

October 26, 2026 12:38 ET (16:38 GMT)