Oil prices fell sharply following the U.S. midterm elections, with West Texas Intermediate (WTI) crude futures and Brent both posting their lowest closing levels since August 31. The decline reflects a reduced geopolitical risk premium, particularly amid prospects for diplomatic efforts to resolve ongoing conflicts with Iran. The probability of oil reaching a new all-time high by December 31 has dropped to 7.5% from 12% the previous day. Statements from OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud, along with upcoming EIA oil forecasts, could continue to influence the market.
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