Brent crude oil had fallen as much as $3 a barrel during intraday trading on September 25 as oil futures extended their losses. The contract eventually settled at $104.32 per barrel, a decline of $2.28 or 2.14%, driven by market hopes that the US and Iran will reach a truce.

The downward pressure on prices persisted throughout the session as traders reacted to the prospect of diplomatic easing between the two nations. Brent crude continued to slide before concluding the trading day at the updated settle price.