Crude oil hits 3 month low after Trump suggests deescalation
Crude oil just hit its lowest price in three months: Brent is now under $92 a barrel, and West Texas Intermediate is close to $86.
This drop happened after President Trump suggested there may be no need for more military action against Iran.
Optimism about ending the Iran conflict has grown, especially with Democrats making gains in the recent US midterm elections.
Congressional Democrats press Trump on Iran
With Democrats now controlling both the Senate and the House, there is extra pressure on Trump to resolve the nine-month standoff with Iran, especially as a key government funding deadline approaches.
Still, things are tense: Iran wants an end to the US naval blockade, while the US wants Iran to stop attacking commercial ships in the Strait of Hormuz and make concessions in its nuclear program.