SINGAPORE — Global oil prices fell for a fourth consecutive day on Thursday as investors assessed the possibility of reduced tensions in the US-Israeli conflict with Iran.
Brent crude futures dropped 1.03% to $93.65 a barrel, while US West Texas Intermediate fell 1.29% to $86.98. Both benchmarks had declined by more than 8% in the previous trading session.
Markets are weighing whether political pressure following Republican losses in the US midterm elections could increase the prospects of a diplomatic settlement. A reduction in tensions could help restore oil supplies from the Middle East. However, analysts cautioned that prices could remain volatile because the outlook for negotiations is still uncertain.
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