Brent oil price falls below $100, European diesel futures drop 5%

Oil prices extended their losses, with the front-month Brent crude futures contract falling below $100 after media reports about the potential release of diesel inventories. European diesel benchmark futures dropped 5% to $1,377.50/ton. The prospect of a possible U.S. diesel export ban is hanging over the market, and investors are closely watching any response from the EU. According to analysts, while the ban could temporarily boost U.S. diesel inventories and lower domestic prices, it may also reduce refining incentives, tighten U.S. gasoline supplies, and drive up retail prices.