Oil prices rebound sharply after midweek rout

Oil prices rebounded sharply on Thursday, recovering some of Wednesday's massive losses as traders reassessed whether U.S. midterm election results would lead to a quick end to the Iran war. Brent crude rose $3.39 to $98.01 per barrel, while West Texas Intermediate gained $2.21 to $90.33. The rebound followed Wednesday's selloff, when Brent plunged 8.7% and WTI dropped 8.3% on speculation that a Democratic Congress would pressure President Trump to end the conflict. Eurasia Group lowered the probability of a negotiated agreement to 10% from 20%, citing renewed U.S. strike risks. Shipping threats persist in the Persian Gulf, with at least five vessel incidents reported since Sunday, despite recovering crude exports through the Strait of Hormuz.