Brent Oil Prices Prepare for Biggest Weekly Drop Since 2020 After US Midterms
- Brent crude is on track for a 16% weekly decline, its steepest drop since the start of Covid-19, while WTI is set for a more than 13% decline. Prices fell after midterm election results raised hopes for US-Israeli war de-escalation.
- Oil prices fell 8% on Wednesday after Democrats swept the US midterm elections, settling at two-month lows. Markets reacted to potential de-escalation in the US-Israeli war on Iran, though Middle East vessel attacks continue to provide a market floor.
- At least five vessel incidents in the Persian Gulf have persisted since Sunday, with threats to commercial traffic continuing. Data from Britain's maritime security agency UKMTO suggested that attacks on oil-carrying ships are still running at close to record pace.
- Fresh reports of tanker attacks in the Strait near Hormuz caused a price rebound, with Brent crude trading at $99.42 per barrel and West Texas Intermediate at $91.242 today. Prices rose from yesterday's close, renewing supply-flow concerns.
- FXPro senior market analyst Alex Kuptsikevich noted, "The Republicans' defeat in the elections does not mean that the conflict in the Middle East will not escalate." He pointed to 2006, when Congress shifted to Democrats without changing actions under President George.
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25 Articles
Oil prices tend to be the largest weekly decline since the beginning of the Corona pandemic, with expectations of a decline in the American-Iranian war and prospects for an increase in supplies from the region, despite continued attacks on oil tankers in the Gulf and the Hormuz Strait, according to Reuters.
Reuters: Oil prices have experienced the strongest drop since 2020
Reuters: Oil prices have experienced the strongest drop since 2020The price of Brent may decrease by 16% and WTI by 13% by the end of the week. For Brent, this will be the sharpest weekly drop since the start of the pandemic, and in absolute...
Brent Oil Prices Prepare for Biggest Weekly Drop Since 2020 After US Midterms
Oil prices were set for a sharp weekly fall after the election losses of US President Donald Trump's Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran and a stock market sell-off, though attacks on vessels in the…
Oil is losing 12% a week with the prospect of calming the war on Iran following the victory of the Democrats in Congress, despite rising prices for the second day by supporting supply concerns and escalating attacks on carriers in the Gulf and the Strait of Hormuz.
Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker Attacks
Crude oil prices were on course for a sharp weekly drop, with both Brent crude and WTI shedding 12% since Monday, following the results of the U.S. midterm elections, which gave rise to hopes that the war in the Middle East could be brought to a swift end. At the time of writing, Brent crude was trading at $99.42 per barrel, and West Texas Intermediate was trading at $91.242 per barrel, both up from Thursday’s close on reports of fresh tanker at…
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