Oil Stabilizes After 8% Drop as Election Results Raise Hopes for Iran War Talks

Oil steadied after falling about 8% in the previous session, as investors assessed whether a Democratic sweep in the US midterm elections could accelerate efforts to end the months-long Iran war.

West Texas Intermediate traded near $88 a barrel after recording its biggest loss since May on Wednesday. Brent crude closed near $95.

Vice President JD Vance said voter frustration with the war and the US-Israel relationship had doomed Republicans in the elections. Senate Minority Leader Chuck Schumer pledged to end the conflict, which is now in its ninth month.

Sources: Bloomberg Markets.