The November WTI contract slipped 0.75% to $100.69 per barrel by mid-morning, while the active December contract dropped $1.26 to $97.76. Brent crude faced steeper declines, with the December contract falling $1.50 to $108.36. This downward pressure stems from expectations of a surge in global supply, compounded by the International Energy Agency’s commitment to accelerate the release of 120 million barrels of combined crude and diesel reserves.

Despite the sell-off, Christopher Tahir, senior market strategist at Exness, warned that the decline may be short-lived. Continued fighting in the Middle East, particularly tensions between Saudi Arabia and the Houthis alongside security threats in the Strait of Hormuz, provides a floor for prices. While RBOB futures have retreated nearly 20 cents per gallon from recent highs—offering U.S. motorists relief at the pump with national averages falling to $4.2953—retail diesel costs remain elevated at $6.3187 per gallon.