Forecast at 134,500 won per barrel... EIA, Brent crude average for November-December

Jim Rickards cautioned that interpreting the recent oil price pullback as a signal of an early end to the U.S.–Iran conflict is a "dangerous assumption," warning that renewed hostilities could push prices higher again. His comments followed the EIA's November Short-Term Energy Outlook, which reported Brent spot prices averaged $124 per barrel in October, $10 above September, before falling below $100 per barrel on November 4. The EIA's forecast puts the November–December Brent average at roughly 134,500 won per barrel, framing the recent decline as a pause rather than a trend reversal. Rickards did not offer specific figures for the timing of any renewed conflict or the potential magnitude of a price rebound. Markets will watch whether the truce holds and whether Brent sustains below $100, with the next EIA outlook and conflict headlines as the key catalysts.