Oil prices declined ahead of the US midterm elections, despite reports of fresh attacks on vessels near the Strait of Hormuz and Iranian threats to expand retaliation if the United States resumes strikes.
Brent crude slipped below $112 a barrel after rising more than 2% on Friday. West Texas Intermediate was trading near $102.
The decline followed a report that President Donald Trump wanted to allow more time for diplomatic efforts before deciding whether to restart strikes on Iran after Tuesday’s elections. Axios reported that Trump expressed this preference during a phone call with Israeli Prime Minister Benjamin Netanyahu, citing two unidentified people. The report said Netanyahu was concerned about the approach.
The United States and Israel began the war in late February with joint attacks on Iran.
Sources: Bloomberg Markets.