International oil prices fell more than 2% yesterday (the 11th) local time amid expectations that negotiations over the navigation issue in the Strait of Hormuz could make progress.

While concerns over crude supply disruptions in the Middle East persist, the possibility of a temporary agreement to manage vessel operations through the Strait of Hormuz has been raised, temporarily calming the surge that had continued until the previous day.

At the London ICE Futures Exchange, November delivery Brent crude fell 3.02 dollars (2.81%) from the previous session to settle at 104.61 dollars per barrel.

This marks the first decline for Brent crude in six sessions.

At the New York Mercantile Exchange, October delivery West Texas Intermediate (WTI) fell 2.43 dollars (2.37%) to close at 100.05 dollars per barrel.

This is the first time WTI has turned downward in nine sessions.

However, both benchmark crudes remained at high levels, staying above 100 dollars per barrel.

Earlier this week, both Brent and WTI rose by over 8% each.

Oil prices showed an upward trend early in the session but reversed downward after reports surfaced that Middle Eastern nations are pursuing a temporary agreement with Iran regarding navigation in the Strait of Hormuz.

The British newspaper Financial Times (FT) reported that Middle Eastern foreign ministers are seeking to arrange a temporary deal with Iran to manage vessel navigation through the Strait of Hormuz.

According to the report, the meeting, brokered by Oman, will be attended by foreign ministers from Iran and the six Gulf Cooperation Council (GCC) member states, including Oman.

This will be the first time high-level officials from the six GCC nations and Iran have gathered in one place since the outbreak of the war in Iran in February.

Giovanni Staunovo, an energy analyst at UBS, explained, "Some reports suggesting the possibility of new negotiations taking place in the Middle East exerted some downward pressure on oil prices today."

Nevertheless, with oil prices soaring above 100 dollars, upside risks remain significant.

Concerns over crude supply disruptions in the Middle East also continued.

Satellite images verified by foreign media showed smoke rising near Saudi Arabia's East-West Pipeline the previous day.

This pipeline is a key facility enabling Saudi Arabia to export crude oil without passing through the Strait of Hormuz.

Follow-up reports also emerged that a pumping station on the pipeline was damaged in an attack by pro-Iran militant groups.

According to the International Energy Agency (IEA), Saudi Arabia's crude oil supply in August stood at 6 million barrels per day, a decrease of 2.3 million barrels from the previous month.

This is the lowest level in about 30 years.

The IEA explained that consecutive attacks on Saudi energy facilities affected the decline in supply.

Crude supply disruptions are also impacting refined product prices.

According to price tracking firm GasBuddy, the nationwide average price of diesel in the U.S. surpassed 6 dollars per gallon for the first time the previous day.