Global oil prices fell on October 26 after climbing to six-month highs last week, as hopes of easing tensions between the US and Iran weighed on the market.

However, attacks on targets in Saudi Arabia continued to fuel concerns about potential supply disruptions, according to Reuters.

Brent crude futures fell 1.89% to $114.51 per barrel, while US West Texas Intermediate (WTI) dropped 2.16% to $101.04.

Oil prices surged by nearly $3 per barrel on October 23 following Houthi attacks in Saudi Arabia. Over the past week, Brent gained 6%, while WTI rose 2.3%.

Meanwhile, Qatari mediators arrived in Tehran on October 25 to help ease regional tensions. The diplomatic efforts are being coordinated with the US.

Market sentiment remains caught between hopes for diplomatic progress and concerns that further attacks could disrupt oil supplies, keeping prices sensitive to developments across the Middle East.