On a roller coaster with oil prices: We negotiate on Monday, we go to war on Tuesday

On November 2, oil prices dropped over 7% due to hopes for de-escalation in the US-Iran conflict. However, following US airstrikes on Iran, prices surged again by 2%. The volatility reflects ongoing tensions and the impact on US elections, as President Trump attempts to assure voters of lower fuel prices. Despite initial optimism for diplomatic talks, the situation escalated, undermining Trump's efforts and contributing to rising inflation perceptions among voters. The Brent crude price fluctuated significantly, highlighting the instability in the energy market amid geopolitical conflicts.