2 publishers · first seen Thu, 05 Nov 2026 13:30 UTC · updated Thu, 05 Nov 2026 14:08 UTC
Oil prices rose on Thursday as investors assessed the potential impact of Republican losses in the US midterm elections on the US-Israeli war against Iran. Brent futures climbed $2.19, or 2.3%, to $96.81 per barrel by 1255 GMT, while US West Texas Intermediate crude gained $1.32, or 1.5%, to $89.44. Both benchmarks had plunged more than 8% in the previous session, settling at their lowest levels since August 31. Media quoted analysts as saying that uncertainty over the conflict’s outcome continued to influence oil prices, with markets weighing the prospects of renewed fighting against the possibility of a diplomatic settlement. Eurasia Group lowered the probability of renewed US strikes on Iran to 60% from 65%, while cutting the likelihood of a deal to 10% from 20%. It raised the chances of a prolonged standoff to 30% from 15%, warning that further escalation could push Brent crude to $110-$125 per barrel.
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