Oil prices post sharpest weekly drop in six years

Oil prices are heading for their sharpest weekly decline in six years amid expectations that the US conflict with Iran will wind down following the Republican Party's defeat in the US congressional elections. Brent futures fell 1.13% to $97.15 per barrel, while WTI dropped 0.39% to $90.20. Brent is on track to lose 16% this week, the steepest weekly drop since the COVID-19 pandemic began and the largest absolute decline since LSEG records started in 1988. Analysts note the market balance points to a supply surplus, though quality differences persist as refiners adapt to available crude grades. The market still awaits confirmation of a final US-Iran peace agreement, with any negative signals potentially strengthening fundamental factors. Attacks on tankers continue at near-record intensity, including a fatal explosion on a tanker in the Persian Gulf on November 5, likely from a missile strike.