Oil prices slip in Asia as markets weigh US elections and Iran tensions

Oil prices fell in Asian markets on Wednesday as investors weighed the impact of the US midterm elections and the potential for reduced tensions with Iran. Brent crude dropped 0.25% to $103.34 per barrel, while WTI fell 0.55% to $95.56. The declines follow a drop of over 1% on Tuesday, with Brent hitting a near four-week low. Diplomatic efforts between Washington and Tehran, mediated by Qatar, continue, though an Iranian official said significant differences remain. Recent US strikes on Qeshm Island have also raised concerns about escalation near the Strait of Hormuz. Supporting prices, US crude inventories unexpectedly fell by 5.27 million barrels. Markets now await final election results and further diplomatic moves in the region, which remain key factors for oil's direction.