Oil prices continued their biggest weekly decline since April 2020. While evaluating diplomatic efforts aimed at calming the US-Iran conflict, traders are closely watching the new attacks in the Middle East. Brent crude oil futures fell to around 97 US dollars per barrel in recent months, with a cumulative decline of more than 16% last week; West Texas Intermediate Oil was reported to be around 90 US dollars. Crude oil continued to fall after hitting a six-month high at the end of October. The Democratic Party won in the US midterm elections. The market expected that the US-Iran conflict would not escalate drastically, putting pressure on oil prices. Trump said that if progress is made in Iran's nuclear negotiations and navigation through the Strait of Hormuz, he is “extremely unlikely” to order further attacks on Iran. However, US Secretary of State Rubio said that the results of the negotiations are currently limited, and the demands made by Iran cannot be accepted.

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