Brent crude futures rose on Thursday as investors weighed the risk of a further escalation of the US-Israeli war with Iran after the losses suffered by US President Donald Trump’s Republican Party in congressional elections this week.

Brent futures were up 34 cents, or 0.36 per cent, at $94.96 a barrel as of 0825 GMT, while US West Texas Intermediate crude futures were down 27 cents, or 0.31pc, at $87.85 in choppy trade.

Both benchmarks tumbled by more than 8pc in the previous session to settle at their lowest since August 31.

“Markets are assessing the impact of the midterm elections on Donald Trump’s next steps with the Iran war, pricing in more likelihood for the war to end,” said June Goh, senior oil analyst at Sparta Commodities.