Oil prices rallied on Friday as optimism over potential US-Iran peace talks helped ease worries about Middle East supply disruptions caused by the worsening regional conflict.
US officials have warned several Middle Eastern nations and regional allies to prepare for possible renewed military action against Iran following next week's midterm elections.
EU energy ministers held talks focused on cutting residential energy bills and reinforcing supply security after wholesale gas prices briefly jumped to hit their highest mark since December 2022.
Following final election results that left no clear victor, Israel is bracing for an extended period of political limbo that could last for weeks or months. But that gave PM Netanyahu months of continued leadership.
According to the EIA's latest report, US crude supplies continued their downward trend with a fourth straight weekly draw. Meanwhile, gasoline inventories saw an uptick as distillate stockpiles declined.
According to the World Bank's Commodity Markets Outlook, global energy prices are projected to surge by 32% in 2026, even as global oil consumption drops by 2.5%.
EBC Financial Group analyst says Brent crude reveals a notable double top pattern interacting with a prominent resistance at $111.7. That signals a drop back below $110.
Asset Recap
As of market close on 29 October, among EBC major products, Cheniere Energy shares led gains despite earnings miss. But it raised its full-year earnings forecast on strong LNG demand.
ServiceNow shares sank and recorded their worst day on record after the enterprise software company's Q3 results underwhelmed, reigniting AI disruption concerns.
A historic drop in Alphabet dragged the Nasdaq 100 much lower. A selloff in several tech companies spurred a rotation into a broader category of stocks while fuelling a push toward the safety of bonds.
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