European Investor
11 Sep 2026, 09:10
Brent Crude Falls 3% as Diplomatic Hopes Trigger Pullback From Near $110
Brent crude futures fell sharply on Friday, retreating 3.02% to $104.38 a barrel after briefly approaching $110 earlier in the session. The decline follows Thursday’s 6.3% surge, when Brent settled at $107.63 amid escalating attacks on shipping in the Middle East.
The pullback came as traders reacted to reports that Gulf ministers are expected to meet Iran next week in an effort to secure temporary access through the Strait of Hormuz. Any improvement in shipping conditions could ease some of the supply-risk premium that has rapidly built into crude prices. (Financial Times)
Still, supply risks remain elevated. Traffic through Hormuz continues to be constrained, while the Iran-aligned Houthis’ seizure of Yemen’s Mocha port has increased concerns over another critical shipping route near the Bab al-Mandeb Strait.
Despite Friday’s decline, Brent remains on track for a weekly gain of roughly 10% and is set to finish the week above $100 for the first time since mid-May, underscoring how strongly the prolonged Middle East conflict continues to influence global energy markets.
Brent crude futures fell sharply on Friday, retreating 3.02% to $104.38 a barrel after briefly approaching $110 earlier in the session. The decline follows Thursday’s 6.3% surge, when Brent settled at $107.63 amid escalating attacks on shipping in the Middle East.
The pullback came as traders reacted to reports that Gulf ministers are expected to meet Iran next week in an effort to secure temporary access through the Strait of Hormuz. Any improvement in shipping conditions could ease some of the supply-risk premium that has rapidly built into crude prices. (Financial Times)
Still, supply risks remain elevated. Traffic through Hormuz continues to be constrained, while the Iran-aligned Houthis’ seizure of Yemen’s Mocha port has increased concerns over another critical shipping route near the Bab al-Mandeb Strait.
Despite Friday’s decline, Brent remains on track for a weekly gain of roughly 10% and is set to finish the week above $100 for the first time since mid-May, underscoring how strongly the prolonged Middle East conflict continues to influence global energy markets.
