Oil Prices Rebound Sharply After Brutal Midweek Rout

S. midterm election results would actually bring a swift end to the Iran war. 33. Both benchmarks continued climbing later in the session. 62. 12. Both benchmarks recorded their lowest settlements since August 31. The catalyst was the Democratic sweep of both chambers of Congress in Tuesday's midterm elections, which prompted speculation that President Donald Trump would face greater pressure to end the eight-month conflict with Iran.

That speculation helped drive Brent down roughly 18% this week, with traders aggressively shedding positions as expectations for an eventual diplomatic settlement increased. But by Thursday, the prospects for a quick resolution appeared considerably less certain. S. strikes at 60%. Meanwhile, shipping risks haven't disappeared.