Senior security officials from Saudi Arabia, Pakistan and Turkey are travelling to Tehran on Monday 26 October to meet Iranian counterparts in talks aimed at preventing a broader Middle East war, with oil prices retreating from near six-month highs on hopes of de-escalation. Saudi Arabia is represented by Defence Minister Prince Khalid bin Salman, Pakistan by army chief Field Marshal Asim Munir, and Turkey by intelligence chief Ibrahim Kalin [Source: Reuters (via U.S. News)]. Ali Baqeri-Kani, deputy secretary of Iran's Supreme National Security Council, confirmed on state TV that the three officials would visit Tehran for consultations on regional security [Source: Reuters (via U.S. News)].
Brent crude futures fell $1.49, or 1.3%, to $115.23 a barrel by 0744 GMT on Monday, while US West Texas Intermediate dropped $1.76, or 1.7%, to $101.51 a barrel. The pullback followed a sharp run-up: over the previous week, Brent finished 6% higher and WTI ended 2.3% higher after Houthi attacks on Saudi Arabia stoked supply concerns, with Friday's settlement representing Brent's highest close since 19 March and coming only about 2% below the $119.50 peak hit in early March at the start of the US-Iran conflict. Before the conflict, Brent traded at around $72 a barrel. The Houthis said they had struck pumping stations on Saudi Arabia's East-West crude oil pipeline and Riyadh airport over the weekend, even as Saudi Arabia intercepted another wave of missiles and drones on Sunday.
The Tehran meeting was initiated by Pakistan following Field Marshal Munir's visit to the Iranian capital last week, during which he met President Masoud Pezeshkian and other senior officials [Source: Reuters (via Al-Monitor)]. Saudi Deputy Minister for Public Diplomacy Rayed Krimly said the gathering is part of ongoing efforts by the Mecca Pact countries to de-escalate the current crisis, promote diplomatic solutions and support mediation efforts led by Qatar and Pakistan [Source: Reuters (via Al-Monitor)]. Qatari mediators also met Iranian officials in Tehran on Sunday as part of an effort coordinated with the United States.
The Mecca Joint Defence Agreement, signed by Saudi Arabia, Turkey and Pakistan in August 2026, treats an armed attack on one member as an attack on all. Pakistan formally approved the pact last week, while Turkey's parliament began ratification proceedings, which are still underway. Ministers from the three countries held an emergency meeting in Riyadh earlier this month and agreed to ensure the rapid deployment of military forces and capabilities in Saudi Arabia. An earlier round of mediation by Pakistan and Qatar produced an interim peace agreement in June, but that deal unravelled as fighting between Iran and the United States resumed weeks later.
The diplomatic push comes as the US-Iran conflict enters its eighth month, a period that has weighed on President Donald Trump's approval ratings ahead of the midterm elections. Trump told Fox News it was 'getting to be decision time' on whether he would make a deal with Tehran or 'finish it off' [Source: Bloomberg]. Iran's Foreign Minister Abbas Araghchi said 'they will not attempt' an attack if rationality existed, in reference to the United States [Source: Bloomberg]. Iranian security officials have also told Reuters that Tehran has drawn up detailed plans to strike Gulf undersea cables if the United States and Israel attack again, while a US intelligence memo warned this week that Iranian plots against American personnel had reached 'advanced stages' [Source: Reuters (via U.S. News)].
Sources: Bloomberg, Financial Times, Reuters, Euronews