West Texas Intermediate for December delivery dropped $2.30 to $100.97 per barrel by 11:15 a.m. ET, while January Brent crude slid $1.56 to $110.14 per barrel. The decline marks a sharp reversal from last week, when prices surged following Houthi attacks on Saudi infrastructure and reports of potential U.S.-Israeli military actions against Iran.

Refined product futures remained largely muted as the market transitioned toward next-month contracts. November ULSD dipped slightly to $4.9833 per gallon, while RBOB futures saw marginal gains. According to Claudio Galimberti, chief economist at Rystad Energy, the recent price volatility has been driven by a combination of physical supply disruptions in the Strait of Hormuz and soaring freight rates resulting from the regional maritime security crisis.