Oil prices fall as US votes: Hormuz attacks fail to stop slide

Oil prices dropped on Tuesday as Americans voted in the midterm elections, even after fresh attacks in the Strait of Hormuz raised concerns about global energy supplies. The Strait of Hormuz is a narrow waterway in the Middle East through which about one-fifth of the world's oil passes. Any disruption there can push prices up quickly. Despite the renewed attacks, oil prices moved lower. Traders appeared to focus on the US midterms, which will decide control of Congress and shape future energy policy. Markets often wait for election results before making large moves. A clearer picture of US political direction is expected once results are confirmed. The drop shows that political uncertainty in the US currently outweighs supply fears in the Middle East. Analysts will watch both fronts closely in the coming days.