Oil prices fell sharply after expectations of talks between Iran and Gulf states over transit through the Strait of Hormuz encouraged traders to take profits following a prolonged rally driven by Middle East supply fears. November Brent settled down $3.02, or 2.81%, at $104.61 a barrel, while October WTI lost $2.43, or 2.37%, to $100.05; both remained above $100 and posted substantial weekly gains. Foreign ministers from Iran and the six Gulf Cooperation Council states, including Oman, were reported to be scheduled to meet in Oman on the 14th. Supply risks remained elevated after reported damage to a Saudi pipeline pumping station, Houthi control of Mokha and Perim Island near the Bab el-Mandeb Strait, and an IEA-reported drop in Saudi August crude supply to 6 million barrels per day.