WTI crude oil stabilizes at $90.60 amid regional maritime tensions in the Gulf, though the market faces an 11% weekly drop as political shifts in Washington raise hopes for a resolution to the Iran-US conflict.
Fresh tanker attacks and fires in the Strait of Hormuz rekindle supply-disruption worries, supporting WTI around $90.60 for a second straight day, with analysts seeing oil 'supported on dips'. However, the market is still on track for a weekly loss of over 11% on hopes of de-escalation in the Iran war after US midterm losses for Trump's party, so the bullish supply-risk push fights a broader bearish diplomatic narrative.
Prices rebounded about $90.60 after renewed tanker attacks and fires in the Strait of Hormuz rekindled supply-disruption fears, which analysts call a technical recovery following this week's steep selloff driven by hopes of Iran de-escalation after the US midterms.
Yes. Oil is set for a weekly loss of over 11% because election results shifted both the Senate and House to the Democratic Party, raising expectations of a diplomatic resolution to the conflict with Iran, and prices remain prone to sharp moves on any escalation or de-escalation headlines.
West Texas Intermediate (WTI) crude oil prices are trading near $90.60, marking a second day of gains as renewed tanker attacks in the Strait of Hormuz heighten supply-disruption fears. Despite this technical recovery, the commodity remains on track for an 11% weekly decline following US midterm election results that fueled hopes for diplomatic de-escalation in the Iran conflict.
Prices rebounded to approximately $90.60 after renewed tanker attacks and fires in the Strait of Hormuz rekindled supply-disruption fears, which analysts describe as a technical recovery following a steep selloff.
The weekly loss of over 11% is primarily driven by US midterm election results, which shifted control of Congress to the Democratic Party, raising market expectations for a diplomatic resolution to the conflict with Iran.