Oil Prices Drop Over 7% After US Election as Iran Deal Hopes Rise

biznes.interia.pl (Polish) —

Oil prices fell sharply on Wednesday, November 4, after the US elections, with Brent crude dropping below $100 per barrel to $95.29 and WTI falling to $89.16, marking declines of over 7%. Investors are reacting to the Democratic victory in Congress and hopes for a US-Iran deal. President Trump stated the US does not plan attacks on Iran soon, while Tehran signaled readiness to reopen the Strait of Hormuz within two days if demands are met. Analysts note the Democratic win may limit war funding, though the new Congress convenes only on January 3. US oil inventories fell to 409.76 million barrels, less than expected, with price drops also driven by profit-taking.


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