FX.co ★ Brent Drops as Supply Concerns Ease

Brent crude futures slipped below $101 per barrel on Wednesday, erasing gains from the previous session after Iraq reached an agreement to resume oil exports via Turkey’s Ceyhan port. The deal helped ease fears of supply disruptions linked to the ongoing war involving Iran. The United States also intensified diplomatic efforts to secure the reopening of the Strait of Hormuz, although allied nations have so far declined President Donald Trump’s request to help protect shipping through the narrow chokepoint. Iran, however, has permitted safe passage for select vessels, depending on their affiliations.

Meanwhile, Iranian state media confirmed the death of Ali Larijani, secretary of the Supreme National Security Council and a central figure in the country’s wartime leadership. In parallel, Iran has stepped up attacks on regional energy infrastructure this week, including strikes targeting Saudi Arabia’s eastern province.