Brent crude oil prices have fallen below $99 per barrel. This decline follows earlier trading at levels above $103 per barrel during the same week.
The price drop is attributed to progress in diplomatic negotiations between the United States and Iran, alongside expectations regarding the restart of the Saudi Arabian East-West pipeline.
Prediction markets tracking the probability of crude oil reaching a new all-time high have adjusted their outlook. The likelihood for such a peak by September 30 is currently priced at 0.5 percent.
For the year-end deadline of December 31, the probability of hitting a new all-time high is now at 10.5 percent, down from 16 percent recorded one week ago.
Market participants continue to monitor geopolitical developments and potential statements from OPEC officials, including Mohammad Sanusi Barkindo and Abdulaziz bin Salman Al Saud.
