<\/p>\n
Oil pushed higher after rebounding on Thursday from a sharp selloff triggered by a Democratic sweep of US midterm elections, as traders weighed the outlook for an end to the war in the Middle East.<\/p>\n
Brent traded near $100 a barrel after closing almost 4% higher in the previous session, extending a volatile stretch in which prices have swung within a $19 range since Monday. Despite the rebound, front-month futures are down 15% this week, on track for the biggest weekly loss since April 2020.<\/p>\n
Hopes are rising for a faster end to the war, but major differences remain. Iran wants a US naval blockade lifted, sanctions eased and frozen assets released before fully reopening the Strait of Hormuz. The New York Times reported Tehran is reviewing mediator proposals on its nuclear program, suggesting Qatar\u2019s efforts to avert renewed full-scale conflict are gaining traction.<\/p>\n
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Brent rallied in October to a six-month high as US President Donald Trump threatened renewed strikes on Iran following the midterms. For now, he is showing restraint, while Democratic control of both houses of Congress may constrain the administration\u2019s ability to conduct further military action.<\/p>\n
\u201cAny further oil market rebound hinges on the US administration\u2019s decision to re-escalate vis-a-vis Iran, and it currently still seems likely that something will happen,\u201d said Florence Schmit, a senior energy strategist at Rabobank. \u201cThe next signals will be if negotiations are actually being held discussing the control of Hormuz, the lifting of the US naval blockade, the lifting of sanctions and Iran\u2019s nuclear program.\u201d<\/p>\n
Trump met with his national security advisers to discuss Iran on Thursday as part of his weekly intelligence meeting, Axios reported, citing two unidentified US officials. He is considering three options: new strikes, continuing efforts to hobble Tehran economically, or cutting a deal that includes significant concessions to the Iranians, according to the report.<\/p>\n
Despite frequent attacks on vessels transiting Hormuz, there has been a revival in crude exports from the Persian Gulf. That has prompted Saudi Arabia to cut prices for buyers in Asia from levels already at a six-year low, as producers compete for market share.<\/p>\n
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Still, oil-product exports from the Gulf remain constrained. Those disruptions, along with escalating Ukrainian attacks on Russian refineries, have helped to drive prices higher.<\/p>\n
Prices:<\/p>\n
Brent for January settlement rose 1.1% to $99.31 a barrel at 7:55 a.m. in London.<\/p>\n
The benchmark rolled from December at the start of the week, with the January contract down almost 12% this week.<\/p>\n
WTI for December delivery gained 0.8% to $91.24 a barrel.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #extends #rebound #uncertainty #Iran #war #peace #progress<\/p>\n","protected":false},"excerpt":{"rendered":"
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