Oil Prices Set for 12% Weekly Drop Despite Tanker Attacks

Oil prices are heading for a 12% weekly decline as hopes for a swift end to the Iran war grow following the U.S. midterm elections, though fresh tanker attacks are supporting prices. Brent crude traded at $99.42 per barrel and WTI at $91.24, up from Thursday’s close after reports of at least five vessel incidents in the Persian Gulf since Sunday. Analysts note threats to commercial traffic persist despite recovering shipments. ING analysts say oil may slowly lose its risk premium absent escalation, but KCM Trade’s Tim Waterer warns prices remain supported on dips. FXPro’s Alex Kuptsikevich cited 2006, when Democratic control of Congress did not change U.S. Middle East actions.