Oil prices slip from five-month high as Iran, Pakistan discuss peace efforts

Global oil prices retreated from a five-month high on Tuesday as renewed diplomatic engagements between Iran and Pakistan raised hopes of easing tensions in the Middle East, despite continued attacks on energy infrastructure across the region.

Checks by Nairametrics showed that Brent crude futures declined by 0.76% to $108.72 per barrel, while US West Texas Intermediate (WTI) crude for November delivery fell by 0.68% to $102.96 per barrel as of 12:31 p.m. EDT.

The decline followed an earlier rally that pushed Brent crude to $111.90 per barrel, its highest level in five months, while WTI briefly reached $110.48, its highest level for a nearby contract since April.

Iranian President Masoud Pezeshkian held talks with Pakistan’s army chief, Field Marshal Asim Munir, in Tehran on Tuesday, focusing on diplomatic efforts to resolve the ongoing conflict involving Iran and the United States.

According to Iran’s Nournews, the discussions centred on Pakistan’s mediation efforts and broader regional security developments.

Despite the latest decline, Brent and WTI continued to trade above $100 per barrel, reflecting the uncertainty surrounding regional security and energy supplies.

The latest decline comes just four days after Nairametrics reported that Brent crude climbed to $110 per barrel on Friday, marking its first return to that level since May.

Despite Tuesday’s retreat, oil prices remained above $100 per barrel as geopolitical tensions continued to influence market sentiment.

The continued attacks on energy infrastructure have kept supply risks in focus, even as diplomatic discussions involving Iran and Pakistan raised hopes of easing regional tensions.

The latest price movement follows a period of sharp gains in crude oil benchmarks, with Brent reaching a five-month high before retreating.

The combination of diplomatic efforts and continuing infrastructure attacks highlights the uncertainty affecting global oil prices.

The persistent volatility in global crude oil prices has implications for Nigeria, where fluctuations in petroleum product prices are increasingly affecting transportation costs and household spending.

Nigeria’s energy inflation rate more than doubled to 10.85% year-on-year in September 2026, compared with 4.69% recorded in August, reflecting growing price pressures across the energy sector.

The rising cost of petroleum products has continued to affect transportation expenses, particularly in Lagos, where frequent adjustments in petrol prices have contributed to changing fares.

Although declining crude prices could eventually ease some domestic fuel cost pressures, continued uncertainty in the Middle East means Nigerian consumers and transport operators remain exposed to further price fluctuations.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Petrol price war makes Nigerian motorists abandon brand loyalty, marketers say

Power outages hit parts of Lagos, Abuja as DisCos cite grid shortfall

Niger bans petrol, diesel exports to prioritise domestic fuel supply