Oil prices continued to ease on Thursday, with Brent crude and US West Texas Intermediate (WTI) tumbling below the $100-per-barrel threshold.
asserted
crude → continue → threshold
Brent slipped below the $95-per-barrel mark, while WTI fell below $90, as markets continued to react to the political fallout of the US midterm elections and the possibility of an end to the war with Iran.
Brent crude futures fell 50 cents, or 0.53%, to $94.12 a barrel, while WTI crude declined 61 cents, or 0.69%, to $87.51.
asserted
crude → slip → 87.51
The latest movement follows Wednesday's sharp sell-off, when both benchmarks lost more than 8% and settled at their lowest levels in over two months.
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benchmarks → follow → months
Brent ended the session at $94.62 a barrel, shedding $8.98 or 8.7%, while WTI settled at $88.12, down $7.97 or 8.3%.
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WTI → end → 88.12
Both contracts recorded their lowest closing levels since August 31.
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contracts → record → August
The market reaction came after Republicans lost control of Congress in the midterm elections, raising expectations that US President Donald Trump could face greater pressure to bring the US-Israeli war with Iran to an end.
uncertain
Trump → come → end
The election outcome has also complicated Washington's options in the conflict.
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outcome → complicate → conflict
With Democrats taking control of the House of Representatives and the Senate, Trump could find it harder to pursue further military action.
uncertain
it → take → action
Two sources close to Gulf government circles told Reuters that the weakened political position gave him greater reason to pursue a negotiated settlement, making a full-scale assault on Iran less likely.
However, the possibility of a deal does not necessarily rule out further escalation.
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possibility → tell → escalation
Gulf analysts said an agreement that allows Iran to claim a clear victory while leaving Trump appearing defeated could encourage recklessness rather than restraint.
uncertain
Iran → say → restraint
Trump faces pressure as war weighs on Republicans
Trump told the Financial Times earlier this week that the US had no immediate plans to strike Iran.
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US → face → Iran
A day later, he acknowledged that the conflict had contributed to his party's sweeping defeat in the midterm elections.
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conflict → acknowledge → elections
Vice president JD Vance also questioned the decision to enter the war on Wednesday, distancing himself from it and blaming the conflict entirely for the Republicans' electoral setback.
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Vance → question → setback
Tehran, however, has indicated that a change in political control in Washington would not alter its position towards the US.
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change → indicate → US
Iran's Supreme Leader Ayatollah Mojtaba Khamenei said in a written statement that American hostility would continue regardless of which party was in power.
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party → say → power
There were also fresh developments in the region, with Yemen's Houthis claiming to have targeted King Khalid International Airport in Riyadh.
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Houthis → be → Riyadh
Qatar steps up mediation as Iran deal remains distant
Diplomatic efforts to prevent another escalation have gathered pace, with Qatar stepping up mediation following the US elections.
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Qatar → step → elections
But the prospect of an immediate breakthrough remains uncertain.
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prospect → remain → breakthrough
Meanwhile, regional energy flows continue to be disrupted.
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flows → continue → ?
The United Arab Emirates is also looking at ways to reduce its reliance on the Strait of Hormuz, considering a third oil pipeline.
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Emirates → look → pipeline
Separately, US oil stockpiles recorded a decline last week.
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stockpiles → record → decline
The Energy Information Administration said crude inventories dropped by 865,000 barrels to 409.8 million barrels in the week ended October 30.
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inventories → say → week
This was sharply different from expectations in a Reuters poll, where analysts had forecast an increase of 877,000 barrels.
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analysts → forecast → barrels
The Aporia
