Oil Rebounds From Two-month Lows
(RTTNews) - Oil prices traded higher on Thursday, after having fallen more than 8 percent in the previous session on hopes that the U.S.-Iran war could end soon.
Brent crude futures rose 1.2 percent to $95.79 a barrel after plummeting nearly 9 percent in the previous session to hit a two-month low. WTI crude futures edged up 0.23 percent to $88.32 a barrel.
While Democrats' sweeping victory in the U.S. midterm elections helped strip the risk premium out of crude, traders are weighing the risk of a further escalation of the U.S.-Israeli war with Iran.
Despite their midterm election victories, Democrats face major obstacles to reining in President Trump on Iran, tariffs and more.
The Democratic-controlled Congress takes office on January 3,2007 and until then the current Congress keeps working.
Meanwhile, Iran's Islamic Revolutionary Guard Corps (IRGC) said today that two oil tankers and a tugboat caught fire in the Strait of Hormuz in two separate incidents after attempting to use unauthorized routes.
The Fars news agency reported the IRGC navy's electronic warfare unit had taken control of two LUCAS drones, a U.S-developed model short for Low-cost Uncrewed Combat Attack System.
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