Brent crude fell 2.6% to $101.18, and WTI crude dropped below $98, as diplomatic hopes and increased Saudi oil supplies through the Strait of Hormuz eased market concerns about supply shortages.
Saudi Arabia's average daily oil shipments through the Strait of Hormuz have reached 2.9 million barrels, compared to 700,000 barrels in August, helping to reduce the geopolitical premium on crude oil.
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Brent crude fell 2.6% to $101.18, and WTI dropped below $98, as increased oil supply from Saudi Arabia through the Strait of Hormuz eased supply concerns.
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