Brent fell nearly 8% to $95.41 a barrel, and US West Texas Intermediate dropped 7% to $89.40, after President Donald Trump told the Financial Times on Tuesday that he has no immediate plans to strike Iran.

Oil had risen more than 10% in October on fears of a possible escalation and has fallen over three consecutive sessions. The Energy Department said it would lend 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, nearly a third of the stockpile, and US crude inventories fell 900,000 barrels to 409.8 million in the week ended October 30, 4% below the five-year average.