Middle East Tensions Ease, Brent Crude Prices Fall Below $100

Brent crude oil prices fell back below $100 per barrel on Monday after geopolitical tensions in the Middle East eased. Brent had briefly surged above $100 last week following a naval blockade announcement by Yemen's armed forces against Saudi Arabia.

However, prices pulled back after Washington halted its airstrikes on Iran following 13 consecutive nights of aerial aggression. Investors were also encouraged by reports that China is attempting to revive stalled peace negotiations between Washington and Tehran.

The market's sharp pullback reflects the eagerness to price in any signs of de-escalation after nearly two weeks of war, according to ING analysts. Despite easing tensions, traders remained cautious due to continued shipping disruptions in key waterways.