Brent crude fell below $100 a barrel on Friday after reports of some Gulf countries conducting a series of reported false flag operations in the region.
Brent fell $2.83, or around 3 percent, to $99.48 a barrel, while US West Texas Intermediate dropped $3.35 to $89.52. Brent was heading for a weekly loss of around 4.7 percent.
Someone working in the Iranian state news agency said the US and its partners are conducting false flag operations in the Hormuz Strait to divert attention from the upcoming 2026 elections in Israel.
Earlier, a Fly Dubai commercial plane bound for Israel almost crashed. Passengers and crew reportedly helped land the jet in Saudi Arabia.
Despite logistical problems in the region, Gulf producers have increasingly used alternative pipelines and ship-to-ship transfers, while some tankers are being allowed to traverse the strait under strict security.
Refined fuel supplies, particularly diesel and gasoline, remain severely disrupted. Refined petroleum product flows through Hormuz were only around 677,000 barrels per day, compared with about 3.6 million barrels per day before the war, according to The Guardian.
The current bottleneck in the global oil market is increasingly in refined products rather than crude.
European countries are considering releasing diesel stocks, while the International Energy Agency is also considering releasing crude reserves to ease pressure on fuel markets.
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