04.11.2026 08:53
As vote counting continued in the US midterm elections, the possible effects of the results on the Trump administration's policies and the peace talks with Iran pushed oil prices down. With investors focusing on the election results, Brent crude fell to $103.34 and US crude to $95.56. Despite a 5.27 million-barrel decline in US oil stocks, contrary to expectations, the decline in prices continued.
As vote counting continued in the US midterm elections, global oil markets experienced a decline. Oil prices fell in the first trading of Wednesday as investors assessed how the election results would affect diplomatic efforts to end the war in the Middle East. An unexpected decrease in US crude oil inventories also failed to prevent the drop in prices.
BRENT CRUDE FALLS BACK TO $103
As of 04:57 Turkey time on Wednesday, the barrel price of Brent crude fell by 26 cents, or 0.25%, to $103.34. The barrel price of US West Texas Intermediate (WTI) crude traded at $95.56, with a loss of 53 cents, or 0.55%.
Brent crude had also lost more than 1% in the previous trading day, falling to its lowest level in about four weeks. Diplomatic talks aimed at ending the wars in Ukraine and Iran were considered to have been effective in the decline in prices.
US ELECTION RESULTS AWAITED
As vote counting continued in the US midterm elections held on November 3, investors focused on whether the Republican Party would retain its majority in Congress.
The election results are considered capable of affecting the policies President Donald Trump will implement during the remainder of his second term and diplomatic efforts in the Middle East.
In particular, how the talks aimed at ending the war between the US and Iran will take shape after the elections is on the oil markets' agenda.
AGREEMENT BETWEEN IRAN AND US APPEARS DISTANT
Qatar was reported to have increased its mediation efforts after the US midterm elections in order to prevent an escalation of attacks. However, no significant progress has yet been achieved in the talks between Iran and the US.
A senior Iranian official speaking to Reuters said the two countries are still far from reaching an agreement to end the war.
While diplomatic efforts in the region continued, the US attack on Iran's Qeshm Island also drew attention.
US ATTACK ON IRAN, STATEMENT FROM TRUMP
A US official announced that American forces carried out defensive strikes on Iran's Qeshm Island targeting surface-to-air missile systems used against US elements.
Another US official stated that the strikes were limited and did not mean that large-scale military operations would resume.
President Donald Trump also said in an interview with the Financial Times that the US had no plan to carry out a new attack against Iran in the near future.
In a telephone conversation lasting about six minutes, Trump said, "We seem to be getting everything we want."
SURPRISE DROP IN US OIL INVENTORIES
Another development that drew attention in oil markets was the data on US crude oil inventories.
According to information based on data from the American Petroleum Institute (API), US crude oil inventories decreased by 5.27 million barrels in the week ending October 30.
Eight analysts surveyed by Reuters, however, had expected inventories to increase by an average of 880,000 barrels. Thus, contrary to market expectations, a sharp decline was recorded in oil inventories. In the same period, gasoline inventories increased by 1.43 million barrels, while inventories of diesel and other refined products decreased by 1.19 million barrels.
EYES ON OFFICIAL INVENTORY DATA
In the assessment published by Haitong Futures, it was stated that diesel inventories continued to remain at low levels, while gasoline inventories increased more than expected. The assessment said that the published data were generally of a nature that supported oil prices.
Markets are now focused on the official oil inventory data expected to be released by the US Energy Information Administration (EIA) at 18:30 Turkey time on Wednesday. Analysts assess that, in addition to the US election results, diplomatic developments regarding Iran and the new inventory data could be effective on the direction of oil prices.