Oil price forecast as Trump faces hard choices in US-Iran war

Brent crude oil prices fell to $94, a 20% drop from this year's high, marking the lowest level since September as investors reacted to the US midterm election results. The decline may continue as markets await President Trump's next move regarding the Iran conflict. Trump faces difficult options in the unpopular war, including negotiating a deal with Iran, launching further attacks, or maintaining the current blockade. Each choice carries significant risks, as Iran has refused concessions and threatened retaliation against Gulf states if attacked. Technical analysis suggests Brent could fall further toward the 61.8% Fibonacci retracement level at $88, though a move above the $100 resistance would invalidate the bearish outlook.