Oil prices were falling on Wednesday in a volatile session ?as investors awaited Washington’s next move in ?the US-Israeli war on ?Iran, after Democrats captured control of Congress from President Donald Trump’s Republicans in the midterm elections.
Brent futures fell 2.5% to $101.02 U.S. a barrel. US West Texas Intermediate crude futures fell 2.6% to $93.61.
President Donald Trump acknowledged that the US-Israeli war on Iran played a role in his party’s sweeping defeat in the midterm elections, as Democrats won control of the House of Representatives and the Senate.
The U.S. had carried out "defensive" strikes on Iran’s Qeshm Island targeting surface-to-air missiles used against US assets, a US official said on Tuesday.
Markets remained on watch for any progress in talks to end the U.S.-Israeli war with ?Iran, as Qatar stepped up mediation efforts to avert an escalation of attacks after the US elections. A senior Iranian official told Reuters ?on Tuesday that Iran and the United States remain far from a deal ?to end their war.
Trump told the Financial Times on Tuesday that the United States had no immediate plans to strike Iran.
In the U.S., crude stocks fell by 5.27 million barrels in the week ended October 30, market sources said on Wednesday, citing data from the American Petroleum Institute. Eight analysts polled by Reuters had expected, on average, a rise of about 880,000 barrels in crude ?inventories.
Official data from the U.S. Energy Information Administration was ?due at 10:30 a.m. EST on Wednesday.
