Brent crude, the international oil benchmark, dropped 2.81% to $99.43 a barrel on Friday, October 2, 2026, falling below the $100 mark, while West Texas Intermediate (WTI) declined 3.63% to $89.50.
The retreat extends the softer tone seen earlier in the week, as traders weighed improving Middle East supply signals against ongoing geopolitical uncertainty.
Higher loadings through the Strait of Hormuz and the continued operation of Saudi Arabia’s East-West pipeline have reduced some disruption fears, weighing on prices after recent volatility.
The latest decline comes after President Donald Trump’s rejection of Iran’s conditional offer to reopen the Strait of Hormuz and subsequent denial of any readiness to ease sanctions had previously supported higher prices. .
Both benchmarks however remain elevated relative to multi-month lows earlier in the year but have now reversed a significant portion of the September gains. Fresh escalation of the US – Iran conflict would likely support a rebound, while clearer de-escalation or stronger supply recovery could extend the downward pressure.
