Oil prices fell and crypto markets rallied after President Donald Trump said the US would not attack Iran before the November midterm elections.

Brent crude for December delivery shed 1 per cent to $103.25 a barrel in Singapore. It had surged more than 4 per cent on Thursday. West Texas Intermediate traded below $91.

Bitcoin rebounded to $82,000 from about $80,300 as geopolitical fears eased. Ether, XRP and Solana also recovered from Thursday’s lows.

Trump wrote on Truth Social that Washington was having ‘productive discussions’ with Iran. He said the US would not attack ‘at any time prior to the Midterm Elections’ on November 3.

He added that the US naval blockade of Iran’s ports would remain ‘in full force and effect’.

Analysts said crude had a volatile start to October. Rising tanker attacks, fighting between Saudi Arabia and the Houthis, and tight product markets added to the swings.

Crypto traders welcomed the de-escalation. Bitcoin had sold off on Thursday as fears of a US strike grew.

Oil markets remain on edge. Analysts warn that any fresh attack on tankers or Gulf infrastructure could quickly reverse the price drop.