World oil prices set for sharp weekly drop

RTÉ News · RTÉ News · 2026-11-06 10:54 UTC

Oil prices were set for a sharp weekly fall after the midterm election losses of the US Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran.

Oil prices were set for a sharp weekly fall after the midterm election losses of US President Donald Trump's Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran, though attacks on vessels in the Middle East continue to provide a floor for the market.

After early gains in a see-saw session today, Brent crude futures for January were down 74 cents, or 0.8%, to $97.55 a barrel this morning. US West Texas Intermediate futures dipped 73 cents, or 0.8%, to $89.79.

The Brent contract is on track for a 16% decline this week, which would be its steepest weekly percentage fall since the start of the Covid-19 pandemic and its biggest in absolute terms in LSEG data going back to 1988.

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