Brent crude returned to trade at US$ 103.60 per barrel and WTI at US$ 95.98, according to OilPrice, after benchmarks fell to a four-week low on reports that Iran may be open to discussing previously non-negotiable issues.

According to Vortexa data, combined exports of crude oil, condensates and fuels through the Strait of Hormuz averaged 17.1 million barrels per day in October, down from 18.9 million barrels per day in September. The consultancy Rystad Energy said it did not expect oil flows out of the Persian Gulf to return to normal any time soon, even if the United States and Iran reach an agreement to end the war.