Economy / Markets
Brent posts its steepest weekly fall since 2020 as the Iran war premium unwinds
Brent crude for January settled at $98.32 a barrel on Friday, up 3 cents, but about 17 percent lower on the week, its steepest weekly percentage decline since the start of the COVID-19 pandemic and its biggest in absolute terms in LSEG data going back to 1988. WTI finished at $90.83 and lost roughly 13 percent. Traders read the Democratic midterm sweep as raising the odds of a US-Iran de-escalation, while attacks on tankers in the Gulf kept a floor under prices.