Global oil prices declined for a fourth consecutive day on Thursday, November 5, as investors assessed the possibility of reduced tensions surrounding the U.S.-Israeli war with Iran.
According to Reuters, losses suffered by President Donald Trump’s Republican Party in the congressional midterm elections have raised expectations that political pressure could encourage diplomatic efforts rather than further military escalation.
Brent crude futures fell 0.85% to $93.82 per barrel, while U.S. West Texas Intermediate crude dropped 1.36% to $86.92. Both benchmarks had fallen more than 8% during the previous trading session.
Another factor influencing prices is the recovery of oil shipments through the Strait of Hormuz, a major transportation route for Middle Eastern energy supplies.
JPMorgan estimated that the global oil market returned to a surplus in September, with additional supplies recorded in October.
However, uncertainty remains. Analysts continue to monitor geopolitical developments, particularly the possibility of renewed military action.
Although oil prices have declined, the ongoing conflict and relatively low commercial inventories could continue to influence global energy markets.
