November WTI falls 1.8% to US$101.79 a barrel on October 20
Iran's president met Pakistan's army chief in Tehran on October 20 to discuss US–Iran mediation, while energy supply risks persisted.
- The 1.8% price drop to US$101.79 a barrel was attributed to traders considering diplomatic efforts to ease the US–Iran conflict.
- This decline represented a fall of US$1.87 for the November West Texas Intermediate (WTI) contract, which expired on October 20.
- Despite the daily fall, prices remained above US$100 due to persistent concerns over Middle East energy supply disruptions, including recent Houthi attacks on Saudi facilities.
US West Texas Intermediate (WTI) crude futures for November delivery fell 1.8% to US$101.79 a barrel in New York on Tuesday, October 20, 2026, as traders weighed diplomatic efforts to ease the US–Iran conflict. Concerns over Middle East energy supplies continued to support prices.
Oil futures settlements on October 20 were:
- WTI for November delivery: down US$1.87, or 1.8%, to US$101.79 a barrel.
- Brent for December delivery: down 76 US cents, or 0.69%, to US$108.79 a barrel.
The November WTI contract expired on October 20.
Pezeshkian and Munir discuss US–Iran mediation
Iranian President Masoud Pezeshkian met Pakistan's army chief, Field Marshal Syed Asim Munir, in Tehran on October 20 to discuss mediation efforts and regional developments, Iran's Nournews reported.
Pakistan helped secure an interim peace agreement between Iran and the United States in June 2026, but renewed fighting between the two countries weeks later derailed the deal.
Houthis claim attacks on Saudi energy sites and airports
The Iran-aligned Houthis said on October 19 that they had launched fresh attacks on Saudi energy and military infrastructure, including Saudi Aramco facilities in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport. Reuters said Saudi authorities had not immediately confirmed the claims and the agency could not independently verify them.
Reports of attacks on shipping in the Persian Gulf added to supply concerns. Shipping data company Kpler said in an October 19 note that at least 18 vessels had reportedly been attacked over two weeks, helping sustain a high risk premium in oil prices.
Persistent fears of disruption to Middle East energy supplies helped keep both November WTI and December Brent above US$100 a barrel despite the October 20 declines.
The US Energy Information Administration was due to publish weekly inventory figures on October 21. Analysts expected US crude stocks to have fallen by about 800,000 barrels in the week ended October 16.
