Crude oil slides toward $93 as Trump rules out immediate Iran strikes

Oil prices extended their sharp retreat Thursday, with Brent sliding to its lowest level in about two months as traders bet on diplomacy over a return to war. Brent crude futures stood at $93.63 a barrel, down 99 cents, or 1.05%. WTI futures fell to $87.13, down 99 cents, or 1.12%. Murban physical crude slipped $1.27, or 1.24%, to $100.90. The drop followed Democrats' sweep of Congress in the US midterms and Trump's statement that the US has no immediate plans to strike Iran, which eased escalation fears. Markets bet Trump may shift toward diplomacy, with Qatar stepping up mediation. However, caution remains as Iranian officials say the two sides are still far from an agreement, and US officials told Axios the military is finishing preparations for possible major combat.