Oil Prices Retreat After Trump Appears to Rule out Iran Strikes Before Midterms

Oil prices slipped on Friday after rallying the prior day as markets balanced President Donald Trump’s pledge to rule out attacking Iran before the U.S. midterm elections against ongoing shipping risks. December Brent crude futures fell 1.3% to $102.90 a barrel, while December WTI futures dropped 1.4% to $89.50. The move suggests traders reduced near-term concerns about potential escalation in the Middle East, but did not fully dismiss disruptions to oil flows from broader trade and transport vulnerabilities. The figures highlight how quickly expectations around geopolitics can steer energy prices day to day.