Oil drops below $100 as Hormuz flows stay strong

Oil fell below $100 a barrel on September 21, heading for its longest losing streak since June. Two factors cooled the recent rally. First, oil shipments through the Strait of Hormuz — a narrow waterway in the Middle East that carries about a fifth of the world's oil — continued to flow without disruption. Second, diplomatic efforts around the US-Iran war reduced fears of a wider conflict. Together, these developments eased supply concerns and pushed prices lower.