US-Iran war risk remains high despite US election results
Analysts warn of an 80% chance of renewed fighting in the Gulf as President Trump maintains a hardline stance despite a Democratic sweep in the US midterm elections.
Crude oil prices dropped over 16% as markets reacted to the US midterm election results and hopes for de-escalation.
President Trump stated the US military is 'locked and loaded' and may take further action to prevent Iran from obtaining nuclear weapons.
US Central Command reportedly disabled a tanker in the region while explosions were reported at Iranian ports in Jask and Qeshm.
Energy analysts warn that Brent crude could surge past $100 per barrel if full-scale fighting resumes in the Middle East.