Brent oil held near a two-month low after tumbling almost 9% in the previous session as investors bet that a Democratic sweep in the US midterm elections could accelerate efforts to end the war in the Middle East. The international benchmark traded near $95 a barrel, while West Texas Intermediate was around $88 after its biggest loss since May on Wednesday. US Vice President JD Vance said voter frustration over the war and the US-Israel relationship doomed Republicans in the elections. Senate Minority Leader Chuck Schumer, a Democrat, pledged to end the conflict that’s now in its ninth month. The prospect of easing tensions has pushed Brent down almost 20% this week, after prices had jumped to a six-month high in October with President Donald Trump threatening renewed strikes on Iran after the midterms. The recent decline has been aided by a resurgence of crude exports from the Persian Gulf to near-prewar levels despite continued attacks on tankers in the Strait of Hormuz. “The oil market is clearly pricing in an increased likelihood of a diplomatic breakthrough, but Tehran and Washington must now demonstrate a genuine willingness to compromise,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S. “Without tangible progress, the recent sharp decline in prices could quickly reverse.” Democrats won control of both chambers of the US Congress in the midterms, dealing a major setback to Trump and his Republican Party. The sweep gives them greater leverage over government spending, potentially constraining the administration’s Iran conflict. While the polls were still open on Tuesday, Trump told the Financial Times that he had no immediate plans to ramp up attacks, and later conceded that it’s “largely true” Republicans lost because of the war. These signs of restraint pushed North Sea crude prices down further on Wednesday while European natural gas tumbled as much as 5% today. “Larger crude oil exports out of the Middle East, along with President Trump stating he has no immediate plans to strike Iran are keeping the pressure on crude oil prices for now,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc. “Democratic control of Congress could also tighten US military spending” and bring an end to the war sooner, he added. Still, tightness persists in fuel markets. In the US, stockpiles of distillates — a category that includes diesel — dropped below 100 million barrels last week, the lowest level since 2003, according to government data. Nationwide crude inventories fell for a fifth week.
NN: Forget the bullshit. The world is running out of oil. And lefty liberal fagot Islamic terrorsits talking about love and free everything wont produce even a tea cup of oil. Like i told you protect to the low nineties and Double Down!