Oil heads for steepest weekly drop since the pandemic; tanker attacks in Hormuz continue

Oil is set for its steepest weekly loss since the pandemic as investors bet on an easing US-Iran war despite continued Hormuz tanker attacks.

• Brent is set to close the week down nearly 12%, its steepest weekly fall since the start of the COVID-19 pandemic.
• Oil fell about 8% on Wednesday to its lowest close in two months, after Democrats won control of both chambers of Congress in Tuesday's midterm elections.
• Iran said on Thursday that three additional tankers were attacked in the Strait of Hormuz.
• Brent rose 1.5% to $99.79 a barrel on Friday, while US crude gained 1.16% to $91.57.