Market Flux Event
Brent Crude Settles at $104.32 as US-Iran Hormuz Diplomacy Drives Friday Selloff
Read this in the Market Flux appOil prices fell sharply on Friday as traders responded to hopes that US-Iran negotiations could produce a deal to reopen the Strait of Hormuz. Brent crude futures settled at $104.32 per barrel, down $2.28 or 2.14%, while November WTI crude closed down $2.20 or 2.33%. November RBOB gasoline saw an even steeper decline, falling 4.37%.
The session capped a volatile week for crude markets, with Brent posting a weekly gain despite Friday's pullback while WTI ended the week lower. Saudi Arabia offered some relief by confirming that flows on its East-West pipeline had resumed, though Houthi rebel strikes against Saudi Arabia continued and now include attacks near Riyadh. Separately, US natural-gas futures settled lower on Friday, giving back gains from the prior session that had been driven by an outage on a TC Energy-operated pipeline in West Virginia.
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Sources
- FirstSquawkBRENT CRUDE FUTURES SETTLE AT $104.32/BBL, DOWN $2.28, 2.14%
- StaunovoBrent settled at USD 104.32/bbl #oott
- InvestingCrude Oil WTI coils below resistance at $97.54: Live levels
- WsjU.S. Natural-Gas Futures Settle Lower
- CNBCSaudi Arabia’s crude oil exports have surged this month despite a sharp escalation in fighting with Iran-backed militants, according to data from the trade intelligence firm Kpler. Riyadh is exporting 6 million barrels per day in September, the highest level since the Iran war began about seven months ago. The kingdom’s crude shipments have recovered to the monthly average of 2025.
- Oil & Gas JournalA volatile week for crude ends with lower prices
- NasdaqCrude Prices Fall Sharply in Hopes of a Deal to Reopen Hormuz