Oil traders appear to be preparing for a resumption of hostilities in the Middle East following the U.S. midterm elections on November 3, and if such a resumption does not take place, oil prices are likely to drop, ING commodity strategists wrote today in a note. With President Trump repeatedly hinting at or outright saying he may restart attacks on Iran after the midterms, anticipation of new hostilities is only to be expected. However, as ING’s Warren Patterson and Ewa Manthey wrote, the escalation is not a done deal. And if it does not…

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