Brent crude slips briefly below $100

Oil prices fell and were briefly down 4% to below $100 a barrel on Wednesday, though the losses later narrowed. Brent crude, the international standard, was down 1% at $102.98 per barrel.

Benchmark US crude dropped 1.1% to $100.31. The fall came as investors chose to book profits amid uncertainty around how the situation in the region will unfold.

As the Iran war rattles global energy markets, on Tuesday, US gas prices surged past an average of $4 a gallon, the first time since 2022.

US President Donald Trump said on Tuesday that the military campaign could end within the next two to three weeks, adding that Iran does not necessarily need to strike a deal for the conflict to conclude.