Oil Prices Drop Amid Anticipation of War
Press coverage 3 newspapers covered this event: Al-Jarida · Al-Qabas · Sarmad →Oil prices fell by more than $2 per barrel amid market volatility and investor concern over escalation in Iran and the impact of US elections.
Translated by Qiyas from الأنباء — Original source
Oil prices fell by more than $2 per barrel during yesterday’s trading, amid volatile market activity as investors awaited the next move by Washington in the US-Israeli campaign against Iran, following Democrats’ takeover of Congress from the Republican Party, to which President Donald Trump belongs, in the midterm elections. During yesterday’s trading, Brent crude futures dropped $2.69, or 2.60%, to $100.91 per barrel, while US West Texas Intermediate crude futures fell $2.58, or 2.48%, to $93.58 per barrel; both benchmarks had previously risen by $1. Later in the session, futures for both grades continued their decline, recording drops of more than $2. In the previous session, Brent crude settled at its lowest level in nearly four weeks, as traders closely followed talks aimed at ending the wars in Ukraine and Iran.
