Oil rises on Trump loss raising doubts about Iran war plans
Brent crude edged up 2.6% to $97.09 a barrel after Republican losses fuelled hopes the US-Iran conflict may wind down.
Oil prices rebounded on Thursday as traders weighed what Tuesday's Republican midterm defeats might mean for the US-Israel war with Iran. Brent futures rose 2.6% to $97.09 per barrel; US crude gained about 2.4% to $90.19.
The conflict, launched by Trump with Israel in February, has driven fuel prices higher, a major grievance in the election rout. Markets are now pricing in greater odds the war could end or settle, though analysts warn volatility lies ahead.
Eurasia Group downgraded the chance of renewed US strikes to 60% from 65%, but cut the probability of a peace deal to just 10%, citing Iran's firm stance.
- $97.09 per barrel
- Brent price
- $90.19
- WTI price
- 60% (down from 65%)
- Eurasia Group: strike chance
- 10% (down from 20%)
- Eurasia Group: peace deal odds
Why it mattersOil price swings hit fuel and food costs for everyone; lower prices ease household bills but uncertainty means prices could spike if conflict escalates.
AustraliaAustralians pay global oil prices at the bowser; cheaper oil would ease petrol and shipping costs, while renewed conflict could reverse those gains.
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