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البلاد
Oil Falls, Iran Risk Ebbs
Oil prices fell for a fourth consecutive day on Thursday, with Brent crude down 1.03% to $93.65 a barrel and West Texas Intermediate down 1.29% to $86.98. The decline came amid expectations that Republican losses in congressional elections could limit the chances of an escalation in the U.S.-Israeli war against Iran. Analysts said the price drop might not last, despite the recovery of oil shipments through the Strait of Hormuz and the market’s return to a surplus of 1.1 million barrels a day in September and 1.4 million in October, according to estimates from JPMorgan. They added that geopolitical risks remain, while commercial inventories in major oil-consuming countries are approaching their lowest levels in 15 years.
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