Oil and dollar decline, gold jumps to highest level in two weeks

Oil and the dollar declined, while gold rose to its highest level in two weeks, as markets reacted to the results of the US midterm elections and expectations of a reduced likelihood of military escalation against Iran.

Global markets reacted to the results of the US midterm elections, with the dollar and oil declining while gold rose to its highest level in two weeks. Brent crude futures fell 1.03% to $93.65 per barrel, and West Texas Intermediate crude fell 1.29% to $86.98 per barrel, after losses exceeding 8% in the previous session. Gulf sources close to government circles reported that the decline in Trump's political influence, with Democrats controlling Congress, may push him to prioritize the diplomatic track and reach an agreement with Tehran, rather than expanding military operations. The article indicated that ending the war could allow oil flows from the Middle East to resume normally, despite the return of crude shipments through the Strait of Hormuz to levels close to those recorded before the war, albeit at higher costs.