Key takeaways
- Oil prices fell Friday as investors weighed the risk of renewed Iran war escalation after the midterms, alongside prospects for a diplomatic breakthrough.
- International benchmark Brent crude futures fell 1.38% to $96.93 per barrel by 4:38 a.m. ET, having jumped to almost $100 a barrel earlier in the session.
- U.S. West Texas Intermediate crude futures dropped 1.49% to $89.17 per barrel.
Oil prices rose Friday as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections, alongside prospects for a diplomatic breakthrough. Rapidan Energy Group President Bob McNally told CNBC's "Squawk Box Asia" that he sees an 80% probability of military fighting resuming.
