Brent fell more than 3% to about $95/bbl, extending its biggest weekly drop since April 2020, after an unverified Israeli media report said Iran had stepped back from seeking control of the Strait of Hormuz and charging transit fees. President Trump earlier said he is "extremely unlikely" to order a major strike unless Iran signs a "very strong" deal, and a decisive Democratic midterm result has eased market fears of severe escalation, pulling prices down from a late‑October six‑month high. Unce

Brent fell more than 3% to about $95/bbl, extending its biggest weekly drop since April 2020, after an unverified Israeli media report said Iran had stepped back from seeking control of the Strait of Hormuz and charging transit fees. President Trump earlier said he is "extremely unlikely" to order a major strike unless Iran signs a "very strong" deal, and a decisive Democratic midterm result has eased market fears of severe escalation, pulling prices down from a late‑October six‑month high. Uncertainty persists: IRIB reported a US overnight strike on Qeshm Island, and US Secretary of State Rubio downplayed the odds of a breakthrough in talks.