Oil prices plunge nearly 9%

Brent crude fell 8.7% to $94.62 per barrel, while West Texas Intermediate (WTI) declined 8.3% to $88.12 per barrel. Brent dropped below the $100 mark for the first time since October 7. The decline in oil prices was driven by expectations that Democrats securing majorities in Congress could increase the likelihood of a diplomatic resolution to end the war between the United States and Iran.

Easing concerns over a prolonged conflict accelerated the downward movement in energy markets, pushing Brent crude's weekly losses to approximately 20%. However, risks to shipping through the Strait of Hormuz and threats to regional energy infrastructure remain unresolved. Analysts suggest that a sustained decline in oil prices could ease global inflationary pressures and reduce costs for energy-importing countries. Investors are closely monitoring new statements from the U.S. administration regarding its policy toward Iran.