Oil prices have been falling for the second day in a row. Traders are closely watching this stuck Israeli election. The election results may determine the direction of the US war against Iran. West Texas Intermediate crude oil stabilized around $100 a barrel after a cumulative decline of more than 3% in two trading days; Brent crude closed below $114 per barrel. As this high-risk election is being held, the Middle East has restarted diplomatic mediation. Officials from Saudi Arabia, Pakistan, and Turkey visited Tehran on Monday for consultations. However, Iran's Supreme Leader Mujtaba Khamenei reiterated Iran's established conditions for ending the war. Brent crude oil has surged more than 85% so far this year. In February of this year, Tanyahu and US President Trump joined forces to attack Tehran, and the conflict disrupted global energy supply. After Israel's general election, the US will have midterm elections next week, and the Trump administration's approval rating may decline.

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