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Brent falls back below $100 after Thursday’s rally

The drop follows talk that the EU and IEA members will release a combined 100 million barrels of diesel from strategic reserves.

Reported · Written up by our desk · Energy

Brent crude slipped below $100, reversing most of Thursday’s 5.5% rally, as market sentiment shifted amid evolving news around the US-Iran conflict, according to Action Forex.

Fears that disruptions could last longer faded after reports that EU countries plan to release 50 million barrels of diesel from strategic reserves, with another 50 million barrels to come from International Energy Agency members.

The supply focus has moved toward refined products, with the article pointing to diesel export stoppages by Russia and China and a US signal that more restrictions could follow, leaving European consumers exposed.

Fresh weakness has weakened the broader bullish setup, with the piece citing a weekly close below $100 and highlighting $95.11 as a near-term support level.

Latest closeWTI crude $90.46 ▲1.2%|Brent $98.07 ▼4.4%

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