Crude oil prices fell on Friday after U.S. President Donald Trump stated that the United States would not attack Iran at "any time" before the November midterm elections.

Brent crude futures retreated toward $103 per barrel following a surge of more than 4% on Thursday, while WTI crude futures dropped below $91 per barrel.

Trump posted on social media that "productive discussions" had taken place with Iran, and said a record amount of crude oil is flowing through the Strait of Hormuz.

Following Trump's comments, reports emerged that the United States had drawn up plans for a three-day strike, with the Pentagon's plan targeting drone and missile depots, energy facilities, and other objectives.

Iran, citing unnamed military sources, reported that several "violent explosions" occurred in the Strait of Hormuz on Thursday evening, caused by "violating tankers" hitting mines while attempting to navigate along the southern route.

"Further escalation of military conflict could disrupt crude oil flows, which makes traders reluctant to build more aggressive short positions or bet on a sustained break below $100," said Chris Weston, head of research at Pepperstone Group Ltd. He described it as a "two-way market, with geopolitical risk premium wrestling against improving physical supply dynamics."

As of 11:09 a.m. Friday, Brent crude futures for December settlement fell 1% to $103.25 per barrel. WTI crude futures for November delivery declined 0.9% to $90.68 per barrel.