Oil Prices Rise Amid Trump’s Iran Considerations

Oil prices increased on Friday as concerns over potential US military action against Iran resurfaced, with President Donald Trump evaluating a peace deal or further strikes.

The political landscape shifted following the US midterm elections, where Democrats took control of Congress, raising hopes for a potential de-escalation of tensions with Iran and increased crude exports from the region.

High petrol prices, a key election issue, were linked to the ongoing conflict by Vice President JD Vance, while Trump stated there were no immediate plans for new strikes against Iran.

In oil markets, signs of a potential supply surplus were reinforced by the return of spot premiums for Middle Eastern crude benchmarks to levels seen before the conflict.