Brent crude falls to intraday low below $96/bbl

Brent crude oil prices have dropped below $96 per barrel in intraday activity, according to a report by @FirstSquawk. This development follows a previous decline where Brent crude had been around $97–98 earlier in the session. The current price drop continues a downward trend seen over the past week, where prices fell approximately 16%, reaching a two-month low below $95 per barrel on November 4. The ongoing repricing appears to be influenced by reduced immediate risk premiums due to potential progress in U.S.–Iran negotiations, despite persistent shipping disruptions in the Strait of Hormuz. Observers will be monitoring upcoming developments in U.S.–Iran negotiations, which could further influence oil price trajectories. Additionally, any announcements from OPEC regarding production adjustments could impact market expectations.

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