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West Texas Intermediate fell for a second straight day on Monday, October 26, dropping toward $101 a barrel, while Brent settled below $116, as stepped-up diplomatic missions to Tehran raised hopes the US-Iran conflict may not escalate further.

The LNG transaction highlights energy-security hedging as Middle East conflict raises risks for Gulf supply and shipping.

Brent crude climbed to its highest level since May after attacks on tankers near the Strait of Hormuz sparked renewed supply disruption concerns in global oil markets.