Oil rebounds as midterm relief rally fades on Iran war doubts

· Oil & Gas · United States · Iran

Brent crude climbed to $98.01 a barrel on Thursday, gaining $3.39, or 3.58%, while West Texas Intermediate also rose, recovering part of the previous day's steep losses. The rebound came as traders reconsidered whether the U.S. midterm election results would actually bring a swift end to the Iran war. Comments from President Trump suggested the conflict was not about to conclude, undercutting the hope that had driven Wednesday's selloff. The swing illustrates how tightly global crude benchmarks are now tied to political signals out of Washington rather than to supply-and-demand fundamentals alone.

Why it matters：With benchmarks swinging several percent on political headlines, refiners, traders and hedgers face volatility driven by geopolitics rather than inventories, complicating pricing and risk management across the oil complex.

Key points

  • Brent settled near $98 after Wednesday's rout.
  • The gain was 3.58% in a single session.
  • Traders cited doubts that U.S. elections would end the Iran conflict.

Sources (original reporting)

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