Oil flattens near $96 as U.S. strikes Iran before midterms; energy stocks slide

Crude oil futures swung sharply and ended little changed to lower Tuesday as traders weighed limited U.S. strikes on Iranian military sites near the Strait of Hormuz against reports of back-channel ceasefire talks. December WTI traded just above $96 a barrel after a $93.59-$98.82 range; Brent fell about 1% to near $103. The U.S. action came a day before the midterm elections, and officials described it as limited precision strikes rather than a return to full-scale war. President Trump had floated resuming hostilities after Election Day. Oil had already fallen more than 7% Monday, the biggest drop since July, on reports that Washington and Tehran were discussing a possible end to the war and that Iranian officials had shown openness to a deal. A ceasefire and reopening of Hormuz would add supply and likely push prices lower, eroding the margins that high crude prices had generated for pr