Dubai – Business News Report|| Crude oil prices advanced during Wednesday trading, partially reversing losses incurred over the previous two sessions. This recovery follows a significant electoral defeat for Republican candidates in the US Congressional midterm elections. Investors are now closely monitoring Washington’s next moves regarding the ongoing conflict with Iran.
The Democratic Party secured control of both chambers of Congress from Republicans, who hold the presidency under Donald Trump. Market participants are watching developments in ceasefire negotiations between the United States and Israel against Iran. Qatar has intensified mediation efforts to prevent further escalation of attacks following the American election results.
Oil contracts ended Tuesday’s session lower by one percent for the second consecutive day. Traders were awaiting updates on Middle Eastern developments and peace talks aimed at ending the war with Iran. By 06:10 Greenwich Mean Time, standard Brent crude futures for January 2027 delivery rose 0.36 percent to reach 103.97 dollars per barrel.
US West Texas Intermediate crude futures for December 2026 delivery increased 0.31 percent to 96.39 dollars per barrel. These figures are tracked in real-time by the specialized energy platform based in Washington. The benchmark crudes had fallen 1.1 percent and 0.4 percent respectively in the previous session.
The decline marked the lowest level for nearly four weeks. Traders were observing discussions aimed at concluding conflicts in Ukraine and Iran. Vote counting began in the US midterm elections, where Democrats won majorities in both houses of Congress for the remainder of Trump’s second term.
Brianka Sachdeva, head of market insights at Philip Nova, stated that mixed signals from President Trump complicated directional conviction for traders. She noted that military strikes continued alongside statements downplaying further escalation. Some profit-taking and reduction of speculative long positions appeared justified after sharp October gains.
Sachdeva added that risks of supply disruptions around the Strait of Hormuz remain. Unexpected declines in US crude oil inventories provided some fundamental support. The United States conducted defensive strikes on Iran’s Qeshm Island targeting surface-to-air missiles used against American sites.
These operations appeared limited and did not indicate a return to major combat. A senior Iranian official stated that Tehran and Washington remain far from reaching an agreement to end their war. President Trump told the Financial Times on Tuesday that there are no immediate plans to strike Iran.
US crude oil inventories fell by 5.27 million barrels in the week ending October 30, according to the American Petroleum Institute. Eight analysts surveyed by Reuters had expected an average increase of 880 thousand barrels. Gasoline stocks rose by 1.43 million barrels, while distillate stocks decreased by 1.19 million barrels.
Haitong Futures stated in a note that diesel stocks remain low while gasoline stocks rose more than expected. These data generally support oil prices. Official data from the Energy Information Administration is scheduled for release at 03:30 PM GMT today.
This story was produced in the newsroom from the disclosed sources named above.
