Brent crude futures fell below $101 per barrel on Wednesday, reversing gains from the previous session after Iraq reached a deal to resume oil exports through Turkey’s Ceyhan port, easing concerns over supply disruptions tied to the Iran war. The US also stepped up efforts to push for the reopening of the Strait of Hormuz, though allied nations have so far rejected President Donald Trump’s call to help safeguard shipping through the narrow waterway. Still, Iran has allowed safe passage for some vessels depending on their affiliations. Meanwhile, Iranian state media confirmed the death of Ali Larijani, secretary of the Supreme National Security Council and a key figure in the country’s wartime leadership. Iran has also intensified attacks on regional energy infrastructure this week, including strikes on Saudi Arabia’s eastern province.

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