- Brent crude prices fell below $100 a barrel for the first time since October 7
- Hopes of de-escalation in US-Israel-Iran conflict helped lower crude prices
- Republican losses in US midterms raised chances of a diplomatic breakthrough
Brent crude prices on November 4 have fallen below $100 a barrel for the first time since October 7. This comes on the back of hopes of de-escalation in US and Israel's conflict with Iran and improving supply availability.
Additionally, there are now fresh chances of a diplomatic breakthrough following the Republican Party's losses in the US midterm elections. US President Donald Trump said teh US had no immediate plans for further strikes, although he continued to maintain that the country was prepared to act if necessary. US crude inventories also fell by 865,000 barrels last week, marking their fifth consecutive weekly decline.
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Brent crude prices have slumped more than 4% as traders digested the results of an election that was seen as a decision on affordability and the Iran war. Brent has also surged about 70% this year as the war disrupted flows from the Gulf, and diesel and gasoline prices have also rallied, including in the US.
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