Brent Crude Dives Below $100 Amid Improved Middle East Supply Signals
Oil prices took a hit on Friday, October 2, 2026, as Brent crude fell below $100 for the first time in a while. The international oil benchmark dropped by 2.81% to settle at $99.43 a barrel. This decline marks an extension of the softer tone seen earlier in the week, where traders weighed improving Middle East supply signals against ongoing geopolitical uncertainty.
The recent improvement in supply, particularly with higher loadings through the Strait of Hormuz and continued operation of Saudi Arabia's East-West pipeline, has reduced disruption fears. As a result, prices have been affected after recent volatility. The decline comes after President Donald Trump's rejection of Iran's conditional offer to reopen the Strait of Hormuz.
Brent crude remains elevated relative to multi-month lows earlier in the year but has now reversed a significant portion of the September gains. However, fresh escalation of the US-Iran conflict could support a rebound, while clearer de-escalation or stronger supply recovery could extend the downward pressure.