Oil could fall to $80-$85 after war, while Kevin Warsh believes in pixies, UBS economist says

The National · Manus Cranny · 2026-11-05 14:10 UTC

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It has been a dramatic week. Oil prices fell after the US and Iran signalled they were open to a diplomatic solution to the war, and the Democrats won control of Congress in America's midterm elections.

We sat down with Paul Donovan, chief economist at UBS Global Wealth Management, in Abu Dhabi before the Democrats' stunning sweep in the election.

He says oil has further to fall once the war is over.

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