Oil prices fell on Friday as immediate fears of a new U.S. strike on Iran eased.
Brent crude dropped below $103 a barrel after President Donald Trump said Washington would not attack Iran before the November midterm elections and described talks with Tehran as productive.
Supply risk remains high
Despite the daily decline, energy markets remain volatile because of shipping risks around the Strait of Hormuz and continued disruption from the Russia-Ukraine war.
Hurricane-related production shutdowns in the U.S. Gulf are also limiting supply.
Traders are watching whether diplomatic progress can reduce the risk premium that pushed crude sharply higher earlier in the week.
Sources
- Global oil market data
- Reuters, Oct. 9, 2026
