Oil Settles Near $100 as Hormuz Flows Stunt Rally

Oil prices declined Monday with Brent crude falling 3.4% to settle near $100 a barrel and the October West Texas Intermediate contract dropping about 4.5%. Satellite data showed Saudi Arabia increased oil loadings from its Persian Gulf port over the weekend, recording the highest number of ships at the facility since June, following a shutdown of the East-West pipeline from drone attacks. The increase in exports through the Strait of Hormuz coincided with reports of diplomatic progress regarding the Iran conflict.

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