Brent July futures slid 6.8% to $102.45 per barrel, breaching $100 and reaching a session low of $96.77.
U.S. West Texas Intermediate fell 6.4% to $95.69 per barrel as Washington paused Project Freedom amid Iran’s safe‑passage assurance.
Analysts note 13 million bpd of disrupted supply is being offset by declining inventories, heightening market volatility despite record U.S. crude exports.
EIA data show U.S. commercial crude inventories fell 2.3 million barrels to 457.2 million, while crude exports reached 4.75 mb/d and product exports 8.22 mb/d.