Brent was on track for a 16% weekly decline, its steepest percentage fall since the start of the COVID-19 pandemic, while WTI was set to drop more than 13%. US midterm election results raised hopes of de-escalation and increased crude exports, while tanker attacks continued to support prices.
Brent crude futures were down 74 cents, or 0.8%, to $97.55 a barrel, while US West Texas Intermediate futures fell 73 cents, or 0.8%, to $89.79. Brent was on track for a 16% weekly decline, its steepest percentage fall since the start of the COVID-19 pandemic and its biggest in absolute terms in LSEG data going back to 1988. WTI was set for a decline of more than 13%.
Losses followed hopes that the US midterm election results could lead to de-escalation in the US-Israeli war on Iran and more crude exports from the region. Prices fell 8% on Wednesday, then rebounded after a surge in tanker attacks in the Gulf and Strait of Hormuz renewed concerns about supply flows. Britain's maritime security agency UKMTO said attacks on oil-carrying ships were still running close to a record pace.
