ING analysts say oil traders appear to be preparing for renewed U.S. strikes on Iran after the Nov. 3 midterm elections. If no escalation comes, they expect the market's risk premium to start easing and prices to fall.
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Oil prices rose in early Asian trading Wednesday as renewed Houthi attacks on Saudi Arabia, including reports targeting the Ras Tanura complex, revived supply fears. Brent traded at $115.70 and WTI at $101.20, recovering from a nearly $2 drop Tuesday on hopes for regional diplomacy.
The Trump administration is preparing to ease federal methane emission rules for oil and gas producers, revising parts of the 2024 Biden-era regulations. The EPA estimates the changes could save the industry about $45 billion in compliance costs.
The Energy Department announced a conditional loan commitment of up to $5 billion to fund uprates and modernization across Constellation Energy's nuclear plants in Illinois, Maryland and Pennsylvania. The work would add nearly 1.1 gigawatts of generating capacity.
Oil prices fell as traders weighed diplomacy to ease tensions in the Persian Gulf and watched Israel's election. Brent dropped nearly 2% to settle below $114 a barrel, WTI settled just under $100, and gasoline and diesel futures fell about 3%.
