Brent drops to $100 as traders bet on U.S.-Iran deal

Brent crude fell 2.9% to $100.60 per barrel on Wednesday as traders bet on a U.S.-Iran settlement, marking its third straight loss despite new threats around the Strait of Hormuz. West Texas Intermediate dropped 3% to $93.23, while Murban slipped to $100.90. President Trump told the Financial Times that Washington has no immediate plans to strike Iran, and Vice President JD Vance said the two sides had "certainly made some progress." A senior Iranian official said Tehran could reopen the Strait of Hormuz within two days if Washington meets its demands. Democrats won both houses of Congress in Tuesday's midterms, potentially constraining war funding, though the new Congress is not seated until January 3. JPMorgan estimated a global oil surplus of 1.4 million barrels per day in October, while the selling overrode a reported 5.27 million-barrel U.S. crude draw.