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2026-11-05 10:00:27
[Oil Prices Continue to Fall as Expectations of an End to the Iran War Rise] 1. Oil prices continued to fall in early Asian trading. Overnight, oil prices fell more than 8% as hopes for an end to the Middle East conflict rose following the Democratic Party's landslide victory in the US midterm elections. Near-month WTI crude futures fell as much as 1.2% to $87.01 per barrel in Asian trading on Thursday, a new low since October 6; near-month Brent crude futures are currently down 0.5%, trading around $94.08 per barrel, close to the nearly two-month low reached overnight. 2. However, ANZ analysts believe the market reaction lacks justification, as the risk of escalation after the election remains. They point out that Iran's control of the Strait of Hormuz shows no signs of ending, and this control restricts oil flows. 3. Ship tracking data shows that Persian Gulf crude oil exports averaged 17.1 million barrels per day in October, down from September.
