Brent Crude Falls Below $100 as Oil Prices Ease

Oil prices have eased by over 4% in just five days due to recovering flows through the Strait of Hormuz and potential emergency fuel stock releases.

The International benchmark Brent crude futures for December delivery traded at $99.83 per barrel on Friday, down 4.3% from last Friday's close of $104.32.

US benchmark West Texas Intermediate (WTI) crude futures for November delivery traded at $89.73 per barrel, down around 2.9% from $92.41 a week earlier.

The price drop started with oil prices reaching above $100 per barrel after Iran ruled out near-term negotiations with the United States, weakening expectations for a diplomatic agreement.