West Texas Intermediate (WTI) crude was reported above $101 a barrel in two snapshots with opposing price moves, amid regional talks and new Gulf shipping reports.
Reuters reported WTI fell $0.44, or 0.43%, to $101.32 a barrel at 8 p.m. ET Monday (00:00 UTC Tuesday). FXStreet’s report at 4:18 a.m. ET Tuesday (08:18 UTC) said WTI had risen above $101, but gave neither an exact price nor a contract month. The readings may not refer to the same contract. Reuters said hopes for a resolution eased supply concerns, while attacks on Saudi Arabia limited the price decline.
Officials representing Iran, Saudi Arabia, Pakistan and Turkey agreed to hold further discussions on regional cooperation and security at a Tehran meeting Monday, according to a joint statement. Saudi Arabia’s Foreign Ministry said the visit was part of efforts to reduce tensions, encourage diplomatic solutions and support mediation by Qatar and Pakistan.
Anadolu, citing Iran’s state-run IRNA, reported that Iranian Foreign Ministry spokesman Esmaeil Baqaei said at a weekly news conference, “The American side is not serious about negotiations.”
The United Kingdom Maritime Trade Operations (UKMTO) said it received multiple third-party alerts about a vessel ablaze 63 nautical miles southeast of Al-Faw, Iraq. The agency said it did not know the crew’s status or the cause of the fire, and had no assessment of damage or environmental impact. The alert was separate from an Oct. 23 incident in the Strait of Hormuz, where UKMTO reported an outbound tanker was disabled by an unknown projectile; its crew were safe.
The U.S. Energy Information Administration (EIA) puts average oil flows through the Strait of Hormuz at 20.9 million barrels per day in the first half of 2025, roughly one-fifth of global petroleum liquids consumption. The agency says alternative routes can carry only part of the oil that would otherwise pass through the strait. It also cites Houthi attacks on Red Sea shipping beginning in November 2023, after which some vessels took longer routes around the Cape of Good Hope.
The EIA’s next Weekly Petroleum Status Report is scheduled for Wednesday, Oct. 28, at 10:30 a.m. ET (14:30 UTC).
