Symbolic imageBrent drops below $100 as midterm result fuels hopes of US-Iran de-escalation
Brent fell more than 8 percent on Wednesday to about $94-95, its lowest level in nearly two months. Investors are betting that the Republican midterm defeat lowers the risk of renewed US-Iran fighting.
According to The National, Brent slid 8.47 percent to $94.83 a barrel and US crude (WTI) lost 7.5 percent to $88.88, leaving both down more than 15 percent this week. The Democrats won the House and the Senate in the midterms, which the outlet reads as voters' anger over inflation and fuel prices caused by the war. Politika reports that President Trump said Washington plans no new strikes for now but is ready to respond if necessary. The drop came even though the US confirmed limited strikes on Iran's Qeshm island on Monday, while Tehran said it had intercepted drones there.
Talks without a deal
Qatar and Pakistan are mediating and talks have resumed, but reports say an agreement is far off. Iran's supreme leader Ayatollah Mojtaba Khamenei reportedly called those expecting a US policy shift after the midterms "gravely mistaken", and Foreign Ministry spokesman Esmaeil Baghaei warned Washington against further military action.
Supply eases, US stocks fall
Politika reports that resumed Gulf exports pushed Middle East supply above short-term demand for the first time since July. US commercial crude inventories nonetheless fell by 865,000 barrels last week, their fifth straight weekly decline.
Other opinions
Headlines from The Hindu and the Wall Street Journal on Wednesday spoke of oil rising on Iran uncertainty, while the Financial Times and The National reported a sharp fall. The Wall Street Journal also stressed that European gas markets are bracing for Trump's next move.