Oil prices post first weekly loss in five weeks

Oil prices recorded their first weekly loss in five weeks, with notable declines in futures for the two benchmark crudes, amid shifts in investor expectations regarding the Iran war path following the Republican Party's loss in the US midterm elections. The downturn came as hopes grew for a possible de-escalation in military confrontation, with increasing bets that election results might push the US administration to reconsider the war's course and economic impacts, particularly given pressure from high energy prices on consumers and the US economy. Brent crude futures suffered their largest weekly loss since the start of the COVID-19 pandemic in 2020, falling 16.42% during the week to $98.32 per barrel at Friday's settlement, while US West Texas Intermediate crude dropped 12.76%.