Oil drops 2.2% as Middle East conflicts and US midterms loom

North Sea oil (December contract) fell 2.2% overnight to $114.1/barrel, per CNBC. Carnegie Bank's global strategy head notes no room for negative surprises given ongoing Middle East conflicts and upcoming US midterm elections. The decline suggests market pricing of geopolitical risk premium may be easing, but uncertainty remains high.

AI disclosure: Model-written summary of the source, not a verified fact. Check the sources. How Mosaic works