Brent fell back below $100, ending down 1.85% at $99.34, and WTI ended down 2.49% at $92.52.
Oil prices fell in a volatile session on Thursday, reacting to official comments on the possibility of a return of Iranian oil to the market as part of a possible agreement on the nuclear file.
The barrel of Brent from the North Sea, the benchmark for crude in Europe, for delivery in October, lost 1.85% to 99.34 dollars.
The barrel of West Texas Intermediate (WTI), its American counterpart, for delivery the same month, fell 2.49% to 92.52 dollars.
“There have been comments on discussions around an Iran nuclear deal from the White House spokeswoman,” said John Kilduff of Again Capital.
The spokeswoman for the American executive, Karine Jean-Pierre, “indicated that Washington might be inclined to find an agreement if it was in the best interest of the United States”, added the analyst.
Kilduff stressed, however, that the price of black gold had not ceased to rise or fall recently “depending on the developments in these discussions” with Iran which might lead to a return to the market of Iranian production, until here sanctioned.
The price of natural gas continued to rise Thursday, nearing its all-time high, amid growing supply concerns as the winter months approach.
After rising to 324 euros per megawatt hour (MWh) on Thursday, the Dutch TTF futures contract, the benchmark for the European natural gas market, closed at 311 euros per MWh.
Its historical record of 345 euros per MWh was reached in March, at the start of the Russian invasion of Ukraine. For a year, its price has almost multiplied by 7.
Its British counterpart also hit a new high since March on Thursday, at 620.48 pence per therm, a unit of amount of heat.
The price of gas has been propelled for several sessions by the suspensions of Russian supply coming via Nord Stream 1, due to maintenance of the gas pipeline, according to the Russian giant Gazprom.
“There are serious concerns that the flows of the Nord Stream gas pipeline will not resume at all following the maintenance”, underline the analysts of Deutsche Bank.
This new interruption in deliveries comes as European nations struggle to fill their storage capacities to be able to face potential energy shortages this winter.
Driven by the surge in gas, electricity prices for delivery in early 2023 in Germany peaked on Thursday at 780 euros per MWh and 900 euros in France, new historic records.