Oil Just Had Its Worst Week Since Covid. The Strait of Hormuz Didn't Get the Memo.

Crude tumbled on bets that a Democratic Congress means a faster end to the Iran war. But tankers are still being hit, the strait is running well below capacity, and gasoline is still nearly a dollar above last year. Here is what the drop does — and doesn't — mean for your wallet.

By Clara Hughes

Wall Street read Tuesday's midterm results as a peace trade. The oil market sold first and asked questions later. International benchmark Brent crude settled Friday at $98.32 a barrel, and U.S. West Texas Intermediate settled at $90.83, CNBC reported. For the week, The National reported Brent fell more than 13% — its steepest weekly percentage drop since the start of the Covid pandemic — while WTI sank 12.7%. CNBC put Brent's weekly loss at more than 16% and WTI's at nearly 13%. The gap reflects how the move is measured: Reuters noted the December Brent contract expired Oct. 30, so weekly comparisons straddle a contract roll. Either way, the direction is not in dispute. The big move came Wednesday, when both benchmarks fell more than 8% after Democrats won control of the House and Senate, settling at their lowest levels since Aug. 31, The National reported: Brent at $94.62 and WTI at $88.12. Keep reading with