Oil prices are expected to plunge this week, with both Brent and WTI projected to fall by more than 12%.

According to foreign media reports, due to the defeat of Trump's party in the midterm elections and market expectations that the Iran war may deescalate, oil prices are expected to fall sharply this week. Brent crude oil futures are set to fall by 12% this week, and WTI crude oil futures are expected to drop 12.1%. However, concerns about supply disruptions in the Middle East caused by ongoing conflicts continue to support oil prices. On Friday, both US and Brent oil futures recorded gains. ANZ Bank pointed out that traders consider Wednesday’s sell-off to have been excessive, which has driven a rebound in crude oil prices.