{
  "id": 18331190,
  "title": "Oil rebounds from two-month low as uncertainty lingers over Iran war",
  "url": "https://urgent.news/2026/11/05/oil-rebounds-from-two-month-low-as-uncertainty-lingers-over-iran-war",
  "topic": "world",
  "section": "World",
  "published": "2026-11-05T16:05:24.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/business/energy/2026/11/05/oil-rebounds-from-two-month-low-as-uncertainty-lingers-over-iran-war/"
  },
  "original_language": "en",
  "account": "Oil prices surged on Thursday, recovering from a two-month low as uncertainty loomed over the Iran conflict following Democrats' victory in the U.S. midterm elections. Brent crude, the global benchmark, climbed 2.47% to $96.96 a barrel, West Texas Intermediate rose 2.02% to $89.90 per barrel. Both commodities had plummeted to their lowest in two months on Wednesday, with Brent briefly touching $93. Weekly losses now stand at about 14%.\n\nThe Democratic Party's control of the House and Senate has left President Donald Trump's Iran war strategy uncertain. Despite a brief respite from high energy costs, the market remains exposed to geopolitical risks due to the lack of a peace agreement between Washington and Tehran, according to Ole Hansen, Saxo Bank's head of commodity strategy.\n\nThe Middle East tension persists with Iran's navy alleging an oil tanker struck a mine in the Strait of Hormuz, and Saudi Arabia facing missile attacks from Yemen's Houthi rebels. Iranian Foreign Minister Abbas Araghchi held calls with Saudi and Qatari counterparts to discuss regional developments and diplomatic efforts for stability.\n\nEconomist Paul Donovan from UBS Global Wealth Management predicts oil prices will likely drop further once the fighting ends, settling around $80-$85 a barrel in a postwar environment.",
  "summary": "Oil prices on Thursday rebounded from a steep decline, as investors continued to analyse the direction of the Iran conflict following the victory of Democrats in the US midterm elections . Brent, the benchmark for two thirds of the world's oil, was up 2.47 per cent to $96.96 a barrel at 7.11pm UAE time, having gained more than 3 per cent earlier. West Texas Intermediate, the gauge that tracks US…",
  "key_points": [
    "Oil prices rebounded 2.47% to $96.96 a barrel",
    "Democrats' control of Congress left Trump's Iran strategy uncertain",
    "Oil likely to drop further post-war to $80-$85 a barrel"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}