Brent crude prices fell below $100 a barrel on Friday, declining amid reports of alleged false flag operations in the Gulf region and continued concerns over disruptions to oil and refined fuel supplies.
Brent crude fell $2.83, or around 3%, to $99.48 per barrel, while US West Texas Intermediate (WTI) dropped $3.35 to $89.52. Brent was heading for a weekly decline of around 4.7%.
According to Iranian state media, a source alleged that the United States and its partners were conducting false flag operations in the Strait of Hormuz. The claims have not been independently verified.
Despite logistical challenges in the region, Gulf producers have increasingly relied on alternative pipelines and ship-to-ship transfers, while some tankers continue to pass through the Strait under heightened security.
However, refined fuel supplies remain heavily disrupted. Refined petroleum product flows through the Strait of Hormuz have fallen to around 677,000 barrels per day, compared with approximately 3.6 million barrels per day before the war, according to figures cited by The Guardian.
The disruption has shifted much of the pressure in global oil markets toward refined products rather than crude. European countries are considering releasing diesel reserves, while the International Energy Agency is also considering releasing crude stocks to ease pressure on fuel markets.
