Oil prices edge up as US-Iran talks send mixed signals

Oil prices rose slightly in Asian trading on Wednesday as investors weighed mixed signals on US-Iran peace talks and the implications of the US midterm elections for the conflict. Brent futures gained 1% to $104.61 per barrel, while WTI rose 0.8% to $96.83. Prices had fallen over the past two sessions to near four-week lows on diplomatic hopes, with Qatar intensifying mediation efforts. However, an Iranian official called Washington's response to the latest proposal unconvincing, and the US conducted limited strikes on Iran's Qeshm island on Monday. US crude inventories fell by 5.267 million barrels in the week ending October 30, against analyst expectations for a rise, providing some support. Investors also monitored the midterm election outcome, which could shape President Donald Trump's political position and his administration's conflict approach.