Oil price for Pakistan centres on a fresh global pullback: crude slipped more than 1% on Monday as Iranian and Qatari officials held a third straight day of talks aimed at ending the US-Israeli war on Iran. Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT, while US West Texas Intermediate crude traded at $102.56 a barrel, down $1.56, or 1.50%.
Why prices eased on Monday
Tim Waterer, chief market analyst at KCM Trade, said oil was seeing a technical pullback after last week’s strong gains. He pointed to lingering hopes of diplomatic progress and the absence of meaningful military escalation over the weekend as factors that had taken some immediate heat out of prices for now.
The market remained alert, he added, to the risk that rhetoric around Iran could intensify after the US midterm elections on Tuesday and push Brent toward $120 a barrel. Brent had ended October at its highest level in six months on concern that the US-Iran conflict could escalate again after those elections.
Diplomacy, Hormuz risks and OPEC+
Iranian Foreign Minister Abbas Araqchi said on Sunday that the “ongoing and progressing” talks were meant to continue consultations with Qatari mediators, and that Tehran was prepared for “both defence and diplomacy.”
The diplomacy unfolds against attacks on oil tankers transiting the Strait of Hormuz, which are driving up global energy and shipping costs. In October, Saudi Arabia raised crude exports compared with September despite attacks by Iran-aligned Yemeni Houthis on its energy infrastructure, according to two of three ship-tracking companies cited in market reporting. Separately, Yemen’s Houthis said they had targeted the Saudi defence ministry in Riyadh, while the Saudi-led coalition said it had intercepted Houthi missiles and drones attacking the kingdom.
The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+—the producer group that coordinates supply—kept December production targets steady on Sunday. That matched expectations that further policy adjustments would wait until next year, as the group continues to struggle with export disruptions from the Iran war.
Timeline: what has happened so far
- October: Brent ended the month at a six-month high on escalation fears; Saudi Arabia increased crude exports versus September despite Houthi attacks on energy infrastructure.
- Sunday: Abbas Araqchi described Iran-Qatar talks as ongoing; OPEC+ held December output targets steady.
- Weekend into Monday: No meaningful military escalation reported over the weekend; oil saw a technical pullback.
- Monday: Brent fell 1.40% to $111.84 and WTI fell 1.50% to $102.56 as talks entered a third straight day.
- Tuesday (upcoming): US midterm elections; analysts flag possible sharper rhetoric that could lift Brent toward $120.
For households and importers in Pakistan, oil price news today remains a global signal rather than an automatic local pump change: international crude moves feed into import bills over time, but domestic fuel rates still depend on later official pricing decisions not covered here.
Aasan alfaaz mein
Duniya bhar mein kacche tel ki qeemat Monday ko 1% se zyada giri hai. Iran aur Qatar teesre din bhi jang khatam karne ki baat cheet kar rahe hain. Brent barrel $111.84 par aa gaya. Pakistan mein petrol-diesel ki local rate abhi is khabar se automatic change nahi hoti, magar sasta global tel baad mein import bill halka kar sakta hai.
