Brent crude oil futures prices rose on Thursday following a significant decline on Wednesday.
Brent futures settled at $94.62 per barrel on Wednesday, down 8.7 percent. On Thursday, they were trading at $96.88 around 11:00 a.m. ET, up about 2.4 percent.
The modest recovery reflected the unresolved situation in the Middle East, said Giovanni Staunovo, commodity analyst at UBS.
More volatility is likely because the path to a diplomatic end to the war remains uncertain, and global strategic reserves have been drawn very thin, said June Goh, senior oil analyst at Sparta Commodities.
Democrats flipped both the House of Representatives and Senate in Tuesday’s midterm elections. Vice President JD Vance blamed the U.S. war with Iran for Republican losses, and President Donald Trump told reporters Vance’s assessment was largely true because the war drove up gasoline prices….