Crude Oil: Prices Extend Decline as Middle East Diplomacy Picks Up, Market Awaits Israeli Election Outcome

Deep News05:20

Oil prices continued to slide as traders weighed signs of de-escalation in the Persian Gulf and awaited the results of Israel's election.

Brent crude's settlement price fell below $114 per barrel, while WTI crude settled below $100 per barrel. U.S. gasoline and diesel futures dropped by roughly 3%.

The Israeli election outcome could influence the trajectory of the Iran war. Israeli Prime Minister Netanyahu has advocated toppling the Tehran regime, while opposition leader Gadi Eisenkot has said Iran's nuclear program must be stopped but that regime change is "not an achievable goal."

Robert Yawger, head of energy futures at Mizuho Securities USA, said that if Netanyahu loses the election and Eisenkot is unwilling to continue the war against Iran, it would become more difficult for the Trump administration to pursue action against Iran on its own. He also described the election as, to some extent, a "preview" of the U.S. midterm elections.

Middle East diplomatic activity has picked up again. Since Sunday, Tehran has hosted a delegation from Qatar as well as senior security officials from Saudi Arabia, Turkey, and Pakistan.

December Brent crude futures fell 1.7% to settle at $113.88 per barrel. December WTI crude futures declined 1.8% to settle at $99.90 per barrel.

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