Oil prices continued to decline amid growing expectations of a diplomatic resolution to the Iran conflict. On November 4, Brent settled at $94.62 per barrel, down 8.7%, while WTI stood at $88.12, a decrease of 8.3%. Market participants appear to interpret the moves as a reduction in the immediate risk of supply disruptions in the Middle East. Prediction markets put the probability of crude oil reaching a new all-time high by December 31 at 7.5%, while a renewed escalation of tensions could reverse the trend.
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