Brent Crude Slides Below $100 Amid Easing Supply Concerns

Brent crude fell below $100 on Friday, erasing much of Thursday’s 5.5% surge as market sentiment shifts daily.

Early fears of prolonged supply disruption sparked by signs of escalating U.S.-Iran tensions subsided following reports that EU nations plan to release 50 million barrels of diesel from strategic reserves, with an additional 50 million barrels pledged by International Energy Agency members.

While the intervention may only offer temporary relief, it targets soaring fuel costs driven by a critical shortage of refined products. This shortage emerged after Russia and China halted diesel exports, with the U.S. signaling it may follow suit, leaving European consumers vulnerable to further instability, particularly in diesel markets.

The latest decline has damaged the broader bullish structure as bearish momentum builds. A weekly close below $100 would keep the downside exposed, putting key near-term support at $95.11 (the September 30 higher low) at risk.

The weekly chart formed a Doji candle following two consecutive weekly losses, signaling indecision as traders assess the landscape before re-entering a highly volatile market where geopolitics remain the primary driver.

Res: 100.00; 101.23; 101.65; 101.97
Sup: 97.67; 96.55; 95.11; 93.94

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