Brent crude rises 2.3% to $96.81 as Iran conflict weighs on markets

Brent crude oil futures rose nearly $3 on Thursday, with prices climbing 2.3% to $96.81 per barrel as investors weighed the ongoing Iran conflict and the impact of the US midterm elections. The price increase followed a sharp drop of over 8% the previous day, which brought both Brent and US WTI crude to their lowest levels since August 31. Analysts noted the market is assessing whether the Republican defeat will alter President Donald Trump's approach to the war with Iran. Uncertainty is expected to persist until January when the new Democratic-controlled Congress convenes. Analysts warned that escalation of the Iran conflict could push Brent prices to $110–125 per barrel, while global strategic reserves are nearly depleted.