Oil falls 4th day as Brent $93.65 and WTI $86.98
Oil prices have dropped for the fourth day in a row, with Brent crude now at $93.65 a barrel and US West Texas Intermediate at $86.98 a barrel.
The recent US congressional election results are expected to limit President Trump's military moves, which eases worries about conflict with Iran and has led to more oil supply than demand.
Strait of Hormuz shipments recover
Both major oil benchmarks are down more than 8%, hitting their lowest since August. Shipments through the key Strait of Hormuz have recovered to close to pre-war levels, adding even more oil to global supplies.
Still, experts like Mukesh Sahdev, CEO of energy consultancy XAnalysts, say "The short answer is no," so things could shift again soon. Plus, with global reserves running low, there could be some bumpy times ahead for energy markets.