Oil extends selloff towards $86 as Iran war risks ease

WTI crude oil extended its sharp selloff on Thursday, sliding towards $86 per barrel in Asian trade after plunging nearly 9% in the previous session, as markets assessed the potential implications of the Democrats? sweeping victory in the US midterm elections. The election outcome heightened expectations that mounting political pressure on the Trump administration could accelerate efforts to end the war with Iran through a negotiated settlement, easing concerns over prolonged supply disruptions. Vice President JD Vance acknowledged voter dissatisfaction over the conflict as a factor behind the Republicans? poor performance, while Democratic Senate Minority Leader Chuck Schumer pledged to push for an early end to the war. Oil futures have now fallen more than 15% so far in November, reversing October?s 15% rally. On the domestic front, MCX November crude oil futures traded nearly 2% lower at Rs 8,217 per barrel.

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