Both major oil contracts plummeted by over 8% in earlier trading before settling at multi-month lows, with Brent dropping to $94.12 and WTI reaching $87.51. The market downturn reflects expectations that President Donald Trump will face intense pressure to halt the war with Iran after acknowledging that the conflict damaged his party at the polls. Meanwhile, regional security risks linger as Yemen's Houthis claimed an attack on Riyadh's international airport, prompting the United Arab Emirates to evaluate a third pipeline to bypass the Strait of Hormuz.
Key points
Political power shifts in Washington are dampening market expectations of a full-scale Am…: Political power shifts in Washington are dampening market expectations of a full-scale American military assault on Iran.
Diplomatic efforts led by Qatar face headwinds as Iranian leadership insists American hos…: Diplomatic efforts led by Qatar face headwinds as Iranian leadership insists American hostility will persist regardless of election outcomes.
Infrastructure adjustments are underway in the United Arab Emirates to evaluate an additi…: Infrastructure adjustments are underway in the United Arab Emirates to evaluate an additional oil pipeline that avoids the Strait of Hormuz.
Sources checked by our analysis pipeline: 1
Oil prices continued to ease on Thursday, with Brent crude and US West Texas Intermediate (WTI) tumbling below the $100-per-barrel threshold.
Brent slipped below the $95-per-barrel mark, while WTI fell below $90, as markets continued to react to the political fallout of the US midterm elections and the possibility of an end to the war with Iran.
Brent crude futures fell 50 cents, or 0.53%, to $94.12 a barrel, while WTI crude declined 61 cents, or 0.69%, to $87.51.
The latest movement follows Wednesday's sharp sell-off, when both benchmarks lost more than 8% and settled at their lowest levels in over two months. Brent ended the session at $94.62 a barrel, shedding $8.98 or 8.7%, while WTI settled at $88.12, down $7.97 or 8.3%. Both contracts recorded their lowest closing levels since August 31.
The market reaction came after Republicans lost control of Congress in the midterm elections, raising expectations that US President Donald Trump could face greater pressure to bring the US-Israeli war with Iran to an end.
The election outcome has also complicated Washington's options in the conflict.…
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