Oil prices fall for fourth day after US midterm results

Oil prices fell for a fourth straight session Thursday, extending a selloff of more than 8% the previous day, as markets saw the U.S. midterm election results as increasing the chances of diplomacy to end the U.S.-Israeli war with Iran. Brent traded around $94 a barrel and U.S. crude near $87. Analysts said a diplomatic resolution could ease supply disruptions, while shipments through the Strait of Hormuz have recovered close to prewar levels. The renewed flows have returned the global oil market to surplus, but analysts warned that the path to diplomacy remains uncertain and prices could remain volatile.