Oil prices recorded their steepest weekly decline since April 2020, with Brent crude holding near or below $98 a barrel and West Texas Intermediate around $90. Reports measured Brent's weekly fall at more than 12.5% and, in earlier reporting, more than 16%, after a six-month high in late October. Markets repriced geopolitical risk after Democrats won control of both chambers of Congress and hopes grew that US-Iran negotiations could reduce the chance of renewed military escalation. However, unresolved nuclear talks, attacks on tankers in the Strait of Hormuz and the possibility of renewed strikes continue to support volatility. Supply conditions have improved as OPEC output recovered, while traders monitor Russia-Ukraine talks and agency forecasts.