Brent falls below $100 per barrel for the first time in a month amid diplomacy between the US and Iran

Oil and gas fall for a third consecutive session

Brent crude fell below $100 per barrel on Wednesday for the first time in a month, declining for a third consecutive session. According to Anadolu, as of 16:15 GMT the benchmark grade had dropped by $4.90, or 4.73%, to $98.70 per barrel. US WTI lost $4.26, or 4.43%, falling to $91.85 — its lowest level in roughly three weeks.

European gas retreats from morning highs

Natural gas prices in Europe also declined, reversing earlier gains. Futures on the Dutch TTF hub, Europe's gas benchmark, fell 4.59% to €87.40 ($98.10) per megawatt-hour after trading above €93 on Wednesday morning.

Diplomacy and elections against the backdrop of falling prices

According to Anadolu, the decline in energy prices followed the Democrats' victory in Tuesday's US midterm elections, which gave the party control of Congress, amid ongoing mediation efforts by Qatar and Pakistan to ease tensions between Washington and Tehran. Qatari Foreign Ministry spokesman Majed Al-Ansari said on Tuesday that after roughly three hours of talks between the Qatari delegation and Iranian officials in Tehran on Monday, both sides were reviewing the proposals. According to him, Washington's and Tehran's willingness to continue discussions offers a 'glimmer of hope,' although the mediators have so far failed to achieve a breakthrough. He also condemned the attack on the Qatari gas tanker Al Mayeda, warning that strikes on vessels in the Persian Gulf threaten regional security and complicate the negotiations.

Gas storage in Europe below normal

Seasonal demand remains a separate factor for the gas market: European storage facilities are less than 75% full, and forecasts of colder weather point to increased fuel consumption for heating in northwestern Europe. In Germany, storage is roughly 61% full — below the government's 70% target.