Brent crude futures fall below $100 for first time since October 7

Brent crude futures fell below $100 a barrel for the first time since October 7.

Earlier in the day, Brent deepened its losses, dropping 2% to around $101.5 a barrel after a historic victory for Democrats in the US midterm elections.

The decline comes amid renewed optimism over diplomatic efforts in the Middle East, following weeks of concerns about rising tensions. Brent has lost more than 13% since the start of the week.