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Listen to this article in summarized format Crude oil price on October 27 Brent crude futures fell $1.01, or 1%, to $114.80 a barrel, while US West Texas Intermediate crude declined 99 cents, or 1.01%, to $100.88 a barrel. According to Reuters, Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday to ease tensions in the Middle East. Saudi Arabia said the visit was aimed at establishing open channels for negotiations to "prevent the return of military escalation". Iranian state media reported that the four countries had agreed to continue discussions to strengthen cooperation on peace and security. Read more: D-St set for a negative opening as GIFT Nifty signals weak start The diplomatic efforts helped ease concerns about potential supply disruptions, putting pressure on oil prices. However, the decline remained limited amid uncertainty over the prospects for peace and renewed attacks by Iran-aligned Houthis on Saudi Arabia, a key oil producer. The conflict has spread across the Middle East, placing the Strait of Hormuz at the centre of the disruption. Before the war began in February, the narrow waterway handled around a fifth of the world's energy supplies. Brent crude surged above $117 a barrel last week, its highest level since April, following a series of Iranian attacks on tankers near the strait. Prices touched $117 again on Monday. Attacks on Saudi Arabia continued over the weekend, with the Houthis claiming to have targeted an airport and oil facilities on Saturday. Saudi Arabia said on Sunday that it had intercepted additional missiles and drones. The world's largest oil exporter partially resumed operations at its main airport on Sunday following damage caused by an earlier wave of Houthi attacks, even as the group vowed to continue targeting the facility. Last week, Saudi Aramco ordered the evacuation of its headquarters in Dhahran, near the Gulf coast and Bahrain, Reuters reported. Fighting between Saudi Arabia and the Yemen-based Houthis has intensified. The Houthis have also claimed attacks on the East-West oil pumping stations, although Saudi Arabia has not confirmed the strikes. Meanwhile, an oil spill from a tanker was detected off the coast of Umm Al Quwain in the United Arab Emirates, the country's Ministry of Climate Change and Environment said. The ministry did not disclose the cause of the spill, and authorities have yet to identify the vessel involved. Clashes between the Houthis and a Saudi-led coalition supporting Yemen's internationally recognised government have continued since the Iran-aligned group advanced towards the Bab el-Mandeb Strait last month. The strait is a key shipping chokepoint at the entrance to the Red Sea. Read more: Stocks in news: Paytm, Tata Consumer, Dalmia Bharat, REC and DCM Shriram Where are prices headed? The uncertain course of the conflict continues to cloud the outlook for oil prices. JPMorgan analysts said it remained difficult to assess how the war would unfold. At the beginning of the conflict, the bank had expected the US administration to avoid crossing certain economic thresholds. Seven months later, many of those thresholds had been crossed, while a clear exit strategy remained elusive. The risk of further supply disruptions has strengthened expectations of higher oil prices. Daan Struyven, co-head of global commodities research at Goldman Sachs, said recent attacks had underscored how shipping disruptions could spread and intensify. Goldman Sachs has outlined a scenario in which oil prices could rise to $120 a barrel if attacks on vessels in the Middle East escalate. Conversely, prices could fall towards $80 a barrel if exports return to normal levels. Struyven said shipping risks had become a key driver of oil prices, adding that the bank saw significant upside potential for crude. Goldman Sachs also expects natural gas and refined fuel prices to increase, with supply shocks having a greater impact on gas and refined products than on crude oil. Meanwhile, Russian refiners are increasing diesel production in October after the government granted export quotas following the Kremlin's supply agreement with the US, according to two industry sources familiar with the matter. Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. 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