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Oil prices rise as traders watch US next move on Iran

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Brent futures rose 76 cents, or 0.7%, to $104.36 a barrel on Wednesday, and US West Texas Intermediate gained 63 cents to $96.72. Traders weighed the war on Iran and a Democratic win in Congress.

Democrats won majorities in both chambers of Congress in the US midterm elections, while vote counting was still under way. Trading was volatile. Priyanka Sachdeva, head of market insights at Phillip Nova, said US President Donald Trump's mixed signals made it hard for traders to take a firm view. She said the military strikes continued while he downplayed further escalation.

Sachdeva also said some profit-taking and fewer speculative long positions were justified after the sharp rally in October.

A US official said the US carried out defensive strikes on Iran's Qeshm Island. The official said they targeted surface-to-air missiles used against US assets. Another US official said the strikes appeared limited and did not signal a return to major combat operations. A senior Iranian official said Iran and the US remained far from a deal to end the war.

US crude stocks fell by 5.27-million barrels in the week ended 30 October, according to American Petroleum Institute data. Gasoline stocks rose by 1.43-million barrels, and distillate inventories fell by 1.19-million barrels. Haitong Futures said diesel inventories remain tight and gasoline stocks rose more than expected. It said the data broadly support oil prices.

Key facts

Who
Priyanka Sachdeva (head of market insights at Phillip Nova); Donald Trump (US president); Haitong Futures (commodities firm that issued a note on oil inventories); American Petroleum Institute (source of weekly crude inventory data)
What
Brent futures rose 76 cents, or 0.7%, to $104.36 a barrel and WTI gained 63 cents to $96.72 as traders weighed the US-Israeli war on Iran and midterm election results. Democrats won majorities in both chambers of Congress, according to the report.
When
4 November 2026
Where
Iran, United States, Qatar
Status
Reported

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