Oil Holds Losses Amid Israeli Election Developments
Crude oil held below $100 per barrel on Wednesday after sliding for two straight sessions, as markets monitored election results in Israel that could change the trajectory of the Middle East conflict. Exit polls indicated that opposition leader Gadi Eisenkot held a narrow lead over Prime Minister Benjamin Netanyahu, although neither bloc secured a majority and vote counting was still underway. The results point to weakening support for Netanyahu, a dominant figure in Israeli politics for decades who has guided the country through nearly three years of continuous conflict. Meanwhile, markets assessed renewed diplomatic efforts in the region after officials from Saudi Arabia, Pakistan, and Turkey met with Iranian leaders on Monday. Iran’s Supreme Leader Mojtaba Khamenei also called for an end to the current state of “neither war nor peace.” In the US, crude inventories dropped by 2 million barrels in the week ending October 23, signaling tighter oil supplies.
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Crude oil held below $100 per barrel on Wednesday after sliding for two straight sessions, as markets monitored election results in Israel that could change the trajectory of the Middle East conflict. Exit polls indicated that opposition leader Gadi Eisenkot held a narrow lead over Prime Minister Benjamin Netanyahu, although neither bloc secured a majority and vote counting was still underway. The results point to weakening support for Netanyahu, a dominant figure in Israeli politics for decades who has guided the country through nearly three years of continuous conflict.
Meanwhile, markets assessed renewed diplomatic efforts in the region after officials from Saudi Arabia, Pakistan, and Turkey met with Iranian leaders on Monday. Iran’s Supreme Leader Mojtaba Khamenei also called for an end to the current state of “neither war nor peace.” In the US, crude inventories dropped by 2 million barrels in the week ending October 23, signaling tighter oil supplies.