Brent Slips Below $100 as Iran Hormuz Reopening Reports Ease Supply Concerns

Oil prices continued to move lower on Tuesday, with Brent crude dropping below the $100/bbl level as reports that Iran could reopen the Strait of Hormuz within seven days reduced concerns over prolonged disruptions along the key global oil shipping route.

Iran has reportedly indicated that it could reopen the strait within seven days if the US takes initial measures to reduce military pressure. The development has raised expectations that diplomatic engagement between Tehran and Washington could make progress. Market participants are also watching this week’s UN General Assembly, where Trump is expected to meet with world leaders as tensions in the Middle East remain elevated.

At the time of writing, November Brent crude was down 2.6% at $97.71/bbl, while October WTI crude declined 3.1% to $92.78/bbl.

The price decline came despite continued supply-side risks in the region. Saudi Aramco has increased crude exports through the Strait of Hormuz after attacks on the East-West Pipeline affected shipments through Yanbu. Meanwhile, Libya’s Sharara oilfield recorded a sharp production decline after an armed group closed a valve on the pipeline leading to the Zawiya port.

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