Oil prices set for sharp weekly fall after midterm elections as investors weigh Iran conflict risk
CNBC · Lee Ying Shan ·
Oil prices fell Friday as investors weighed the risk of renewed Iran war escalation after the midterms, alongside prospects for a diplomatic breakthrough.
Oil prices fell on Friday, reversing earlier gains, as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections, alongside prospects for a diplomatic breakthrough.
International benchmark Brent crude futures fell 1.38% to $96.93 per barrel by 4:38 a.m. ET, having jumped to almost $100 a barrel earlier in the session. U.S. West Texas Intermediate crude futures dropped 1.49% to $89.17 per barrel.
Brent crude is down from a weekly peak above $110 a barrel on Monday, while WTI has fallen from levels above $100 a barrel over the same period.