Oil slips below $104 as traders await US midterm results

Oil prices fell slightly on Wednesday, with Brent crude dropping to $103.21 and WTI to $95.42 per barrel, as traders awaited US midterm election results and their potential impact on Middle East peace efforts. The decline occurred despite an unexpected drop in US crude inventories. Investors are monitoring diplomatic efforts to end conflicts in Ukraine and Iran, though Tehran and Washington remain far from an agreement. The US conducted limited defensive strikes on Iran's Qeshm island. Goldman Sachs raised its Brent forecast to $105 for December, warning prices could reach $140 in 2027 if Gulf production stays significantly below average. JPMorgan noted uncertainty persists over how the conflict will unfold, with several economic thresholds already breached.