Hope for peace in the Middle East is driving price movements, despite continued attacks on oil tankers, among other things.
Hopes for peace have gained momentum following continued talks on a settlement between Iran and the US. The Iran war proved to be a decisive factor behind the Democratic Party's unexpectedly strong showing in last week's US midterm elections.
Public opinion in the US is expected to increase pressure on the Trump administration to end the war.
At the end of October, the price of North Sea oil was at its highest level in six months after President Donald Trump signalled that there would be new major attacks on Iran after the midterm elections.
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