[International Oil Prices] Fall on Hopes for Middle East Peace

[Financial News]  

International oil prices closed lower on the 27th (local time).
Hopes for peace in the Middle East rose as Saudi Arabia, Türkiye, Pakistan and Iran met for talks in Tehran, Iran, on the 26th, and reports emerged that Iran’s leadership was discussing terms for ending the war.
Brent crude, the international oil benchmark, for December delivery settled at $113.88 a barrel, down 1.7% from the previous session.
West Texas Intermediate (WTI), the U.S. oil benchmark, for December delivery also fell 1.8% to settle at $99.90 a barrel. Based on closing prices, WTI fell below $100 again for the first time in three days since the 23rd.
According to Iranian Supreme Leader Mojtaba Khamenei’s social media, Khamenei met that day with Mohsen Rezaee, secretary-general of the Supreme National Security Council (SNSC), and discussed terms for ending the war with the United States.
According to CNBC, Khamenei described the current situation as “neither war nor peace” and called for it to be brought to an end. He also discussed “ways to ensure national and regional security by maintaining control over the Strait of Hormuz.”
Earlier, on the 26th in Tehran, Saudi Defense Minister Prince Khalid bin Salman met with Iranian President Masoud Pezeshkian and discussed easing regional tensions. Senior military and intelligence officials from Pakistan and Türkiye also attended. Saudi Arabia is currently facing fierce attacks by the Iran-backed Houthi rebels in Yemen.

[email protected] Song Kyung-jae Reporter