Oil falls below $94 as US midterms raise hopes for Iran deal

Crude oil prices fell below $94 per barrel on Thursday, extending a sharp 9% decline from Wednesday after Democrats won control of the US Congress in the midterm elections, raising hopes for a negotiated end to the war with Iran. Brent crude traded at $93.51 a barrel, down over 1%, while US WTI slipped 1.35% to below $87. The political shift has increased pressure on President Donald Trump to pursue a settlement, with Democrats pledging to end the conflict and Gulf sources saying a full-scale assault on Iran appears less likely. Goldman Sachs raised its oil price forecasts, warning Brent could surge to $140 a barrel by 2027 if Gulf production remains substantially below average. However, analysts cautioned that uncertainty over the war's direction continues to complicate the outlook, with Iran and Washington reportedly far from an agreement.