Global oil prices stabilized after their biggest drop in more than three months amid signals from the United States and Iran that they were ready to continue peace talks. U.S. WTI crude was trading near $96 per barrel, Bloomberg reports, writes UNN.
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WTI fell 7.4%, while Brent ended trading below $105 per barrel. Iranian President Masoud Pezeshkian said he had received additional authority to negotiate with the United States, while Donald Trump hinted at possible diplomatic progress.
The decline in prices came ahead of the U.S. congressional midterm elections on November 3. High energy prices are increasing political pressure on Trump and the Republican Party.
Risks of another increase in oil prices remain
Investor optimism also affected the gas market. European natural gas futures fell by nearly 9%, while U.S. heating oil posted its biggest decline in six months.
Trump suggests a swift deal with Iran amid oil prices falling by nearly $1002.11.26, 23:38
At the same time, the prospects for an agreement between Washington and Tehran remain uncertain. Columbia University expert Karen Young warned that renewed U.S.-Israeli strikes on Iran could trigger another jump in oil prices.
In October, Brent rose by nearly 14%, reaching a six-month high amid fears of an escalation of the conflict.