Oil Prices Drop 9% After US Midterms as Iran Deal Hopes Rise

Oil prices fell sharply after the US midterm elections, dropping about nine percent. Brent crude fell below $100 per barrel for the first time since October 7, reaching $94.42. The Democratic victory in both chambers reduced expectations of renewed US attacks on Iran. Analysts say the administration now faces pressure to reach a diplomatic agreement on the Strait of Hormuz, whose partial closure had driven prices up. Prices have fallen about 16 percent from Friday's $118 level amid hopes for a US-Iran interim deal. Experts say the coming days will be crucial in determining whether the market sees a genuine easing of geopolitical tensions.