Brent crude oil prices fell below $96 per barrel during trading, after hovering around $97–$98 earlier in the session. The decline extends a roughly 16% drop over the past week, which pushed Brent to a two-month low below $95 on November 4. A reduction in the immediate risk premium, linked to potential progress in U.S.–Iran negotiations, is contributing to the move despite continued shipping disruptions in the Strait of Hormuz. Investors will monitor the U.S.–Iran talks and any OPEC decisions on production adjustments. Geopolitical developments in the Middle East could also alter supply and demand dynamics and affect prices.
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