International oil prices continue to decline as the market bets that the Middle East conflict may come to an end

With the Democratic Party's comprehensive victory in the US midterm elections, market expectations for an end to the Middle East conflict have risen, and international oil prices continued to fall during early Asian trading. Previously, oil prices had already dropped by over 8% overnight. However, ANZ analysts believe that the market reaction may lack basis, as there is still a risk of escalating conflict after the election. The analysts pointed out: “At present, there is still no sign that Iran's control over the Strait of Hormuz will end, and this situation continues to restrict oil transportation.” Citing vessel tracking data, the analysts said that the average daily crude oil exports from the Persian Gulf in October were 17.1 million barrels, lower than the level in September. WTI crude oil near-month futures fell by 0.4% intraday to $87.77 per barrel; Brent crude oil near-month futures fell by 0.2% to $94.64 per barrel.