Oil slumps after midterm election rebuke to Trump raises bets on Iran war exit
Both oil benchmarks closed at their lowest since Aug 31
Oil prices slumped by over 8% on November 4, hitting their lowest levels since August 31, as investors reacted to the Republican Party's loss of control in the midterm elections. The shift in power could potentially hasten the end of the US-Israeli war with Iran, according to sources close to Gulf government circles. President Trump now faces a choice between a negotiated exit and escalating tensions further, with the weakened administration seemingly more inclined to seek a deal.
However, an agreement that appears to favor Iran may provoke recklessness, while restraint could be equally risky.
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