Oil Falls for Fourth Day as Traders Weigh Iran War Risks

Oil prices fell for a fourth consecutive day on Thursday, November 5, as traders weighed whether the U.S. midterm election result could reduce the risk of further escalation in the war involving Iran. Brent crude futures were at $93.82 a barrel in later trading, while U.S. West Texas Intermediate (WTI) was at $86.92. Both benchmarks had dropped more than 8% in the previous session. The latest declines followed the Democrats’ gains in Congress. Market participants and analysts said the result could increase pressure on President Donald Trump to seek diplomacy, lowering the perceived risk of disruptions to Middle Eastern oil supplies. The election itself did not change U.S. policy, and the reporting did not establish that negotiations had produced a resolution. Trump cited gasoline prices when discussing Republican losses, while Vice President JD Vance attributed the party’s setbacks to the Iran war. Trump had also said the United States had no immediate plans to attack Iran. Those statements helped shape market expectations, but they did not confirm a change in the administration’s approach. Supply conditions provided another factor for traders. Analysts said crude shipments...