Brent Falls Below $99

Brent crude fell to around $101 a barrel on Friday, after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, although uncertainty surrounding US-Iran negotiations continues to cloud the outlook. The Strait of Hormuz remains a key concern, with reported tanker attacks underscoring persistent shipping risks and the US strengthening air defences around energy facilities in Saudi Arabia and Qatar.

Brent crude fell more than 3% to around $99 a barrel on Friday as European governments considered releasing strategic oil reserves to ease mounting fuel costs. EU members were reportedly discussing a French proposal to draw on crude and fuel stockpiles, amid growing pressure from Washington to address diesel shortages and avoid potential US export restrictions. Treasury Secretary Scott Bessent urged European partners to help stabilise supplies, which have been disrupted by turmoil in the Persian Gulf and Ukrainian attacks on Russian refineries. Meanwhile, Middle Eastern crude flows have approached pre-war levels, though uncertainty persists as Washington and Tehran remain far from a lasting agreement to reopen the Strait of Hormuz fully. Also, shipping risks remain elevated following reported tanker attacks, while the US has reportedly strengthened air defences protecting energy facilities in Saudi Arabia and Qatar.

Brent crude fell below $102 per barrel on Friday after advancing for two consecutive sessions, as investors assessed the risk of renewed conflict between the US and Iran that could further disrupt energy supplies from the Middle East. The Pentagon was considering deploying another aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, giving President Donald Trump additional options if he chooses to intensify attacks on Iran. Trump has reportedly told aides that he expects to resume bombing Iran after the November midterm elections. The renewed tensions come as crude flows from the Middle East have largely recovered to prewar levels, although markets remain uncertain whether the recovery can be sustained without a lasting agreement to end the conflict. At least three tankers were attacked this week while transiting the Strait of Hormuz, while Iran and its Houthi allies have also targeted refineries across the region.