Oil had fallen to around $85 a barrel in New York in the sessions after Republicans suffered a sound defeat in the midterm elections. Traders had wagered that the war’s unpopularity would lead the Trump administration to seek peace and restore safe oil shipping through the Strait of Hormuz.

Renewed concern that the strait could remain at a stalemate has since pushed New York oil futures above $88 a barrel. Brent futures are trading above $93, bringing the contract closer to the psychologically significant $100-per-barrel mark.