🔺Brent oil falls below $100

▪ The price of oil on Wednesday fell back below $100 with the start of the return of Saudi oil flows to the Red Sea and hopes for talks between the United States and the Islamic Republic.

▪ Based on Bloomberg data, Brent oil fell 1% to $98.24. West Texas Intermediate also dropped 1.6% and traded at $89.05. On Tuesday, Brent closed below $100 for the first time since September 17.

▪ The drop followed a week marked by volatility. Last week, the price of Brent had risen to more than $108 after the East-to-West Saudi pipeline was closed. On Tuesday, Saudi Arabia restarted the pipeline and may have resumed exports from the Yanbu port.