Oil Prices Rise Again Amid Hopes of Iran War De-Escalation

Global oil prices edged higher on Friday, but were on track for a weekly decline of nearly 12% amid growing hopes that the war involving Iran could ease.

Market sentiment has been influenced by expectations that tensions surrounding the conflict may subside after US President Donald Trump's party suffered losses in the elections. These expectations have put downward pressure on oil prices.

However, concerns that the conflict could disrupt oil supplies from the Middle East have provided some support to prices.

At 02:22 GMT on Friday (November 6), Brent crude futures for January delivery, the international benchmark, rose by $1.57, or 1.6%, to $99.86 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude rose by $1.10, or 1.2%, to $91.62 per barrel.

The future of the Iran war and the security of energy supplies from the Middle East remain key factors shaping the oil market. As a result, despite Friday's modest recovery, oil prices remained on track for a substantial weekly decline.