Oil edges lower from six-month high as traders assess Iran risks
Brent trades below US$116 a barrel after surging by more than 6% last week
Brent crude oil prices slipped below $116 a barrel, despite surging over 6% last week, as traders evaluated the risks posed by Iran. U.S. President Donald Trump hinted at his willingness to resume attacks on Iran, stating it could be "decision time" for a deal or an end to the conflict. Washington recently ordered a broader evacuation of diplomatic staff from Middle Eastern locations.
Iran is reportedly preparing for intensified bombings during the U.S. midterm elections on November 3rd and may retaliate, targeting Israel and the United Arab Emirates, according to an informed source. Meanwhile, Saudi Arabia and Iranian-backed Houthis in Yemen clashed again, threatening energy supplies. The ongoing tension, now in its ninth month, could escalate once again, particularly with Israeli elections and the U.S. midterms approaching.
The Strait of Hormuz, a critical chokepoint for crude shipments, remains at the heart of the conflict.
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