US oil prices fell below $93 per barrel after previously trading around $95 to $97, following the US midterm election results. The Democrats’ capture of both chambers of Congress has increased uncertainty over future US policy in the Middle East, particularly regarding Iran. Markets now assign a lower probability to crude reaching a new all-time high before December 31. Participants will closely monitor the US government’s policy toward Iran, upcoming regional diplomatic engagements, and statements from OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud.
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