Oil Prices Plummet as Hormuz Flows Recover and US-Iran Talks Stall

Oil prices are set to end the week lower as flows through the Strait of Hormuz recover and emergency fuel stock releases ease supply concerns. The 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.

The US-Iran talks stalled after an impasse in Qatari-mediated negotiations in New York. Iranian Foreign Minister Abbas Araghchi was asked to leave by US Secretary of State Marco Rubio, who denied they were forced out.

The diplomatic breakdown combined with reports that the US was weighing a diesel export ban offset easing supply concerns and supported prices. However, oil prices fell on Friday as expectations of emergency diesel reserves eased concerns over tight refined-product supplies.