Brent Falls to $100 on Bets of US-Iran Deal

In the US on Wednesday by 9:40 AM Eastern Time, Brent crude fell to $100.60 per barrel, while WTI dropped to $93.23. Both benchmarks initially rose but then reversed downward amid volatile trading. For Brent, this marked the third consecutive decline.

US President Donald Trump stated that Washington has no immediate plans to strike Iran. However, he did not rule out the possibility of a "heavy blow." US Vice President JD Vance had earlier said that the parties had made some progress.

An Iranian official reported that Tehran could reopen the Strait of Hormuz within two days if the US meets its demands. Among the conditions are the lifting of oil sanctions and the unfreezing of blocked assets. The Islamic Revolutionary Guard Corps also claimed that tankers south of the strait had been destroyed by mine barriers, though this statement has not been independently confirmed.

Market sentiment was also influenced by political expectations in the US. Democrats secured a majority in both chambers of Congress, and analysts believe this could limit war funding. The new Congress will begin its term on January 3, leaving the administration nearly two months to act.

JPMorgan estimated the global oil market surplus in October at 1.4 million barrels per day. According to the bank, exports from the Middle East have recovered to approximately 20.7 million barrels per day following a March low. Sales continued despite data from the American Petroleum Institute showing a 5.27 million barrel decline in US crude oil inventories. Official statistics are expected to be released later by the EIA.