Oil prices fall for fourth session as Middle East supply fears ease

Oil prices fell on Thursday for a fourth consecutive session, with Brent crude futures dropping 97 cents, or 1.03%, to $93.65 per barrel, while U.S. West Texas Intermediate crude fell $1.14, or 1.29%, to $86.98. The decline follows expectations that losses by President Donald Trump's Republican Party in this week's congressional elections may reduce the likelihood of an escalated U.S.-Israeli war against Iran, potentially easing Middle East oil supply disruptions. Analysts note that crude shipments through the Strait of Hormuz have recovered to near pre-war levels, though at higher costs, and J.P. Morgan reports a global market surplus of 1.4 million barrels per day in October, though geopolitical risks remain unpredictable.