🔻Oil prices fall amid reports of Qatar’s efforts to reduce tensions with Iran

World oil prices on Monday, October 26, fell from their highest level in six months following reports about the presence of Qatari mediators in Tehran to reduce regional tensions in coordination with the United States.

According to Reuters, the price of Brent crude fell by 1% to $115.48 per barrel. U.S. crude oil also decreased by 1.1% to $102.08.

Last week, Brent rose by 2.6% as a result of Houthi attacks on Saudi Arabia and growing concerns about disruptions to energy supplies, reaching its highest weekly closing price since mid-2022.

At the same time, Asian stock markets started Monday’s trading cautiously. Japan’s Nikkei index fell 0.8%, and South Korea’s stock index fell 0.4%.

Rising energy prices and concerns about the expansion of fighting with Iran have intensified inflationary pressures. Analysts at Goldman Sachs warned that the continued increase in oil prices could push central banks, including the U.S. Federal Reserve, to raise interest rates further.

Hashtags: ["BBC Persian"]