Oil prices decline following coordinated reserve release agreement

Oil prices fell on Friday after European nations and International Energy Agency (IEA) members agreed to release additional diesel and crude oil reserves to ease global energy market pressures. Brent crude futures dropped to approximately $98.50 per barrel, while West Texas Intermediate futures fell to around $88 per barrel. France proposed the release of 50 million barrels of diesel and a coordinated 50 million barrels of crude. Meanwhile, escalating tensions in Yemen near the Bab el-Mandeb strait, a critical maritime transit point, continue to pose risks to energy supply routes. Additionally, the U.S. labor market showed unexpected weakness, with only 29,000 new jobs added in September.