Oil prices drop despite Strait of Hormuz attacks

Crude oil prices moved even lower, and energy company stocks followed after the results of the U.S. midterms, as markets brace for a potentially radical change in U.S. policies.

Oil prices were mixed Thursday following a sharp selloff in the previous session as traders assessed the outlook for U.S.-Iran relations and recovering oil supplies from the Middle East.

Front-month Brent crude, the global oil benchmark, rose 0.2% to $94.76 a barrel in early European trading. WTI, the U.S. benchmark, fell 0.7% to $86.53 a barrel.

Earlier, Brent crude was trading at $94.30 per barrel, after dropping by 9% on Wednesday, and WTI was trading at $87.35 per barrel, after shedding 8% on Wednesday, following the Democrats’ majority in both houses.

The price of Azerbaijan's Azeri Light crude oil fell by $6.64, or 5.85%, to $106.81 per barrel on a CIF basis at Italy's Augusta port, compared with the previous price.