(Oil & Gas 360) – Oil prices declined Friday as President Donald Trump’s decision to rule out additional U.S. military strikes against Iran before the November midterm elections reduced concerns about further disruptions to Middle Eastern crude supplies.Brent crude futures fell approximately 1.7% to $102.55 per barrel in Friday morning trading, while West Texas Intermediate (WTI) declined 1.4% to $90.22. The retreat followed a volatile trading session Thursday, when Brent gained approximately 4% amid renewed concerns about regional supply disruptions.Trump indicated that Washington would refrain from additional military action against Iran ahead of the November 3 elections, while pointing to ongoing diplomatic discussions between the two countries. Iranian officials have also acknowledged continued negotiations surrounding proposals that could eventually restore more reliable shipping through the Strait of Hormuz.Despite the easing of immediate geopolitical concerns, significant uncertainty remains surrounding energy transportation in the Middle East.The Strait of Hormuz, which handled approximately one-fifth of global petroleum flows before the conflict, remains a critical concern for oil markets. Shipping disruptions, higher transportation costs, and continued threats to commercial vessels have complicated efforts to restore normal energy trade throughout the region.Oil markets are also responding to developments beyond the Middle East. China’s anticipated resumption of refined petroleum product exports following its Golden Week holiday has added downward pressure to prices, while Hurricane Isaias threatens production operations in the U.S. Gulf of Mexico.Approximately 1.3 million barrels per day of Gulf production had been shut in as of Thursday as operators prepared for the approaching storm, creating another potential source of near-term supply uncertainty.For investors, the latest price movement illustrates how quickly geopolitical developments can influence crude markets, even when underlying supply conditions remain constrained.Although diplomatic progress could reduce the geopolitical premium embedded in oil prices, a temporary pause in military operations does not immediately restore disrupted production, shipping capacity, or commercial inventories.Refined product markets remain particularly sensitive to transportation constraints and regional supply shortages, with diesel and other petroleum products continuing to face pressure from the prolonged conflict.The broader investment question is whether diplomatic negotiations can produce a lasting improvement in Middle Eastern energy flows or whether markets will continue responding to temporary changes in geopolitical expectations.Until a more durable resolution emerges, crude prices are likely to remain sensitive to developments involving Iran, shipping security, global inventories, and disruptions affecting other major producing regions.For now, the prospect of reduced military escalation has provided some relief to oil markets, but the underlying risks to global energy supplies have not disappeared.