🔶 Reduction in oil prices following efforts to escalate regional tensions.
Global oil prices fell from their highest level in six months on Monday, October 26 (Aven 4), amid hopes of easing tensions between the US and the Salami Republic, although investors remain cautious in the markets due to the ongoing attacks by Yemen's Houthis on Saudi Arabia.
The price of US West Texas Intermediate crude oil fell 2.16% to 101 dollars and 4 cents, and Brent crude oil traded after falling 1.89% to 114 dollars and 51 cents per barrel.
Last Friday (October 23), prices rose almost $3 after Houthi attacks on Saudi Arabia heightened concerns about energy supplies. Brent crude oil ended last week with a 6% price increase and West Texas Intermediate crude oil with a 2.3% price increase.
At the beginning of the week, the price of oil began to fall due to diplomatic efforts to escalate regional tensions. On Sunday, Qatari mediators went to Tehran in coordination with the United States to reduce tensions.