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Brent futures prices fell by 2.5 percent at settlement on Tuesday, amid signs of recovery in Middle East oil supplies and efforts to revive mediation between Washington and Tehran.
Brent futures dropped to $102.5 per barrel, while U.S. crude futures declined by 3.4 percent to about $89.3 at settlement.
Despite this decline, oil prices remain at high levels, which is reflected in fuel prices in many countries and raises inflation levels.
The decline came amid reports of the resumption of oil flows through the East-West pipeline in Saudi Arabia, after it was targeted on September 10.
The U.S. agency Bloomberg reported on Monday, citing a well-informed source, that oil exports through the pipeline resumed after repairs, with flows reaching 3.5 million barrels per day, equivalent to half of its operational capacity.
In another sign of easing tensions, Qatar announced on Tuesday the continuation of its mediation efforts between the United States and Iran to end the confrontation between the two countries and to convey messages between the two sides.
On February 28, 2026, the United States and Israel launched a war on Iran, which left thousands dead, and Tehran responded with attacks on Israel and U.S. sites in the region, before reaching a ceasefire agreement last April.
Later, the United States launched attacks on sites in Iran, amid the stalled negotiation process between the two countries due to disagreements over navigation in the Strait of Hormuz, despite signing a memorandum of understanding in mid-June.
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