Brent crude falls below $100 as US-Iran deal hopes outweigh inventory drop

Brent crude oil fell below $100 per barrel on Wednesday for the first time in about a month, driven by hopes for a US-Iran deal that outweighed a surprise drop in American oil inventories. The front-month Brent contract traded at $98.90, down 4.5% from Tuesday's close. The decline accelerated despite US Energy Information Administration data showing crude stockpiles fell by 865,000 barrels, more than expected, with distillate inventories also dropping. President Donald Trump downplayed new attacks on Iran, while Tehran signaled it could reopen the Strait of Hormuz within two days if sanctions demands were met. Brent has now posted three consecutive daily losses, following a 7.6% slide on Monday. Analysts see $98.67 as the next support level, with a close below $100 confirming the bearish trend, while Goldman Sachs still forecasts Brent reaching $105 in December.