Brent falls below $94 as market bets on end of war after Democratic win
Brent crude for January delivery stood at $93.63 a barrel on Thursday morning, 99 cents below the previous day's close, according to figures cited by Gulf News. US WTI fell to $87.13, and the UAE's Murban crude to $100.90.
On Wednesday Brent lost nearly eight percent and closed below $100 for the first time since early October. It settled at $103.60 on Tuesday, and on Friday, October 30, it reached almost $118, the highest level since April.
What is driving the drop
The market is reacting to the Democrats' victory in both chambers of Congress and calls to end the war with Iran, as well as Trump's statement that there are no immediate plans for new strikes. Qatari mediators are also offering a plan to restart direct talks between Washington and Tehran. Wall Street stocks closed sharply higher on Wednesday.
Sources and references
- I.Gulf NewsIran warns against war as Trump signals 'heavy hit' and tankers catch fire near Hormuz🔗 https://gulfnews.com/world/mena/middle-east-conflict-trump-warns-of-heavy-hit-as-iran-says-americans-voted-no-to-war-1.500735100
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