Oil slides as Republican midterm losses fuel hopes of Iran conflict exit
Crude fell after Vance linked Republican midterm losses to the Iran war, boosting expectations of a US exit from the conflict.
Brent oil rises amid reports of Houthi attack on Saudi pipeline and Iranian missile strikes on vessels in Strait of Hormuz.
Oil is moving on these developments, and additional updates are forthcoming.
In a separate incident, Iran struck 2 vessels with 4 missiles in the US-backed southern Omani corridor of the Strait of Hormuz. The two vessels were traveling under US escort.
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Crude fell after Vance linked Republican midterm losses to the Iran war, boosting expectations of a US exit from the conflict.
Gold broke above a key trendline after Vice President Vance's comments on Iran fueled de-escalation bets, opening potential rally to 4,700.
Gold prices rose over 6% this week after Democratic midterm wins. The metal recovered above $4,000 and now faces a test at $4,200.
Oil prices dropped after the Democrats won the midterms. WTI crude now tests a key support region near moving averages.