Oil drops for fourth day as US vote dims odds of wider Iran war
What's new: Brent fell to $93.82 and WTI to $86.92 after both benchmarks sank more than 8% in the prior session.
Oil prices fell for a fourth straight session on Nov. 5 as traders bet Republican losses in the US midterm elections could make a broader war involving Iran less likely. Brent crude dropped 80 cents to $93.82 a barrel, while US West Texas Intermediate fell $1.20 to $86.92 after both contracts posted their lowest settlements since Aug. 31 a day earlier. Analysts said a weakened Donald Trump could face more political constraints on military action, even as uncertainty remains before a Democratic-controlled Congress takes office in January. Crude flows through the Strait of Hormuz have recovered to near prewar levels, though at higher cost, and JPMorgan said the market moved back into surplus in September and October.