Oil on pace for sharp weekly drop amid post-midterms hopes for Iran war detente

Oil prices were on pace for sharp weekly declines on Friday, as investors assessed the implications of Democrats’ midterm election victory on hopes for de-escalation to the U.S.-Israel war with Iran.

In choppy trading, Brent crude futures contract — the global benchmark — was last down by 1.3% at $97.06 a barrel, while U.S. West Texas Intermediate crude futures had fallen by 1.2% to $89.54 a barrel.

The Brent contract was heading for a one-week fall of more than 17%, putting it on track for the biggest weekly percentage drop since the beginning of the COVID-19 pandemic in 2020. According to LSEG data cited by Reuters, it would also be the biggest dip in absolute terms since 1988.

Traders have been gauging the implications of the Democratic election win, which gave the party control over both chambers of Congress. Speculation has swirled around whether the Democrats will use their newfound influence to force Republican President Donald Trump to find a resolution to Iran war.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →