Brent Crude Plunges 3% as Diplomatic Efforts Ease Strait of Hormuz Concerns

Brent crude oil prices plummeted by more than 3% on Friday after briefly reaching a four-month high of $109.97 per barrel, according to Reuters.

The decline came as reports emerged of possible diplomatic efforts to manage shipping through the Strait of Hormuz, easing concerns about supply disruptions.

Despite the daily loss, Brent crude futures remained above $100 per barrel and were on track for a weekly gain of more than 8%, according to Reuters.

The International Energy Agency (IEA) has also warned that global oil supply is expected to fall by around 5.7 million barrels per day in 2026, compared to its previous estimate of about a 4% decline.