Oil Holds Losses on Hopes for End to Iran War
Crude oil traded near $88 per barrel on Thursday, following a decline of more than 8% in the previous session that pushed prices to a one-month low. The drop came as a Democratic sweep in the US midterm elections fueled expectations that the Trump administration could face growing pressure to bring the war with Iran to an end. President Donald Trump acknowledged that Republicans suffered losses largely due to the conflict and pointed to rising gasoline prices as a major contributing factor, while indicating no immediate plans to ramp up military strikes against Iran. A Democratic-controlled Congress could limit military funding for operations in the Middle East, with Senate Minority Leader Chuck Schumer vowing to push for an end to the conflict. Meanwhile, crude exports from the Persian Gulf have begun recovering, with supply exceeding near-term demand. Overall, the US oil benchmark has fallen about 15% so far this week.
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Crude oil traded near $88 per barrel on Thursday, following a decline of more than 8% in the previous session that pushed prices to a one-month low. The drop came as a Democratic sweep in the US midterm elections fueled expectations that the Trump administration could face growing pressure to bring the war with Iran to an end. President Donald Trump acknowledged that Republicans suffered losses largely due to the conflict and pointed to rising gasoline prices as a major contributing factor, while indicating no immediate plans to ramp up military strikes against Iran.
A Democratic-controlled Congress could limit military funding for operations in the Middle East, with Senate Minority Leader Chuck Schumer vowing to push for an end to the conflict. Meanwhile, crude exports from the Persian Gulf have begun recovering, with supply exceeding near-term demand. Overall, the US oil benchmark has fallen about 15% so far this week.