Brent crude fell below $100 a barrel on Wednesday 4 November 2026. Front-month Brent traded at $98.90 at 16:02 GMT, down 4.5% from Tuesday's $103.60 settlement, after a session low of $98.67 and an earlier high of $104.87, Invezz reports. US benchmark WTI was down 4.5% to $91.79 at the same time. Prices moved sharply during the day, so this snapshot is timed at 16:02 GMT and later prints differ.

First time below $100 in weeks

Brent last traded below $100 on 7 October, at $99.62, and had not settled below $100 since 22 September, according to Invezz.

Why prices fell

Hopes for a US-Iran deal outweighed a fall in US crude stocks. The US Energy Information Administration said crude stocks fell 865,000 barrels in the week to 30 October, the fifth straight fall, with stocks at 409.8 million barrels. The 3 November settlements were Brent $103.60 and WTI $96.09.

Sources: Invezz, Brent crude price falls below $100, Iran deal hopes, EIA draw, 4 November 2026; OilPrice, oil market news, 4 November 2026; TradingView / PRNewswire, CME settlement data.