Brent fell US$ 8.94, or 8.6%, to US$ 94.66 per barrel on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the war against Iran, according to OilPrice.

WTI dropped US$ 8.01, or 8.3%, to US$ 88.08, while Brent traded near US$ 118 on Friday. Gulf exports of crude and products averaged 17.1 million barrels per day in October, down from 18.9 million in September, roughly three-quarters of the pre-war level, according to Vortexa. The US Department of Energy announced the loan of 300,000 barrels from the Northeast home heating oil reserve to four companies, nearly a third of the stockpile, and heating oil futures fell about 7%.