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Oil sinks on easing hopes
Brent crude was on track for a weekly loss of more than 16%—its steepest percentage decline since the start of the Covid-19 pandemic—while West Texas Intermediate was down more than 12%, amid hopes of de-escalation in the war with Iran following the Democrats’ victory and their control of both chambers of Congress. In Friday trading, Brent fell 0.2% to $98.08 a barrel, while WTI rose 0.5% to $90.96. Although some oil flows have recovered, attacks on tankers in the Gulf and the Strait of Hormuz—which carried about one-fifth of global oil and liquefied natural gas supplies before the war—have kept supply risks in play.
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