Brent crude settled near $100 per barrel as global oil prices fell sharply. West Texas Intermediate dropped to approximately $93.50. These figures mark a significant retreat from recent highs exceeding $106.
A small number of vessels successfully transited the Strait of Hormuz following a virtual shutdown. This waterway typically handles roughly 20% of the world's oil supply. While traffic remains minimal compared to normal levels, the resumption provided relief to volatile markets.
The International Energy Agency is releasing a record 400 million barrels from emergency reserves. The agency signaled that additional supply could be made available if needed to stabilize global markets. Analysts warn that geopolitical risk remains high while transit through the strait remains limited.