According to CoinMeta, as the Democratic Party achieved a comprehensive victory in the U.S. midterms, expectations of an end to conflicts in the Middle East rose, leading to a continuation of the decline in international oil prices in Asia during the early trading session. Oil prices had already fallen by more than 8% the previous night. However, analysts at ANZ Bank believe that the market reaction may be unfounded, as there is still a risk of escalation in conflicts after the elections. Analysts noted, "At present, there are no signs that Iran's control over the Strait of Hormuz will end, and this situation has been restricting oil transportation." Citing ship tracking data, analysts said that the average daily exports of crude oil from the Persian Gulf in October were 17.1 million barrels, lower than the level in September. The price of near-month crude oil futures fell by 0.4% to $87.77 per barrel, while the price of Brent crude oil near-month futures fell by 0.2% to $94.64 per barrel.