Oil prices tumble as Brent falls below $95 amid US‑Iran diplomatic hopes
Brent futures close 8.7% lower at $94.62 a barrel and WTI drops 8.3% to $88.12 a barrel, reflecting a sharp weekly decline. The slide follows the U.S. midterm elections in which Democrats seized control of both chambers and Republican leaders cite the Iran conflict as a factor. Traders price in a possible settlement between Washington and Tehran, with President Donald Trump saying no immediate strike is planned and Vice President J.D. Vance noting progress in talks. JPMorgan estimates the global oil surplus rose to 1.4 million barrels per day in October.
Key facts
- Qatar has stepped up mediation between the United States and Iran.
- Gulf crude, condensate and refined product exports reached 17.1 million barrels per day in October, still below pre‑war levels.
- The U.S. Federal Reserve kept interest rates unchanged after a September hike.
- Iran’s supreme leader Ayatollah Mojtaba Khamenei warned expectations of a U.S. policy shift after the midterms were mistaken.
- Brent fell 8.47% to $94.83 and WTI fell 7.5% to $88.88, marking over 15% weekly declines.
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Why it matters
Lower oil prices affect global inflation and energy‑dependent economies.
What changed
First published from OilPrice.com, Middle East Eye, The National, The Economic Times and CNBC