The drop in oil prices followed reports of Qatar's efforts to reduce tensions with Iran.

The drop in oil prices followed reports of Qatar's efforts to reduce tensions with Iran.

The world oil price fell from the highest level of the last six months on Monday, October 26, following the publication of reports of the presence of Qatari mediators in Tehran to reduce regional tensions coordinated by the United States.

According to Reuters, the price of Brent crude fell 1% to $115 and 48 cents a barrel. The price of American crude oil also fell by 1.1% to 102 dollars and 8 cents.

Last week, Brent crude rose 2.6% to its highest weekly close since mid-2022 following Houthi attacks on Saudi Arabia and growing concerns about energy supply disruptions.

At the same time, Asian stock markets began to trade cautiously on Monday. Japan's Nikkei fell 0.8% and South Korea's stock index fell 0.4%.

The increase in energy prices and the fear of the spread of conflicts with Iran escalated the inflationary pressures. Goldman Sachs analysts warned that the continued rise in oil prices could force central banks, including the US Federal Reserve, to further raise interest rates.