US midterm elections leave global oil prices uncertain near $100

Global oil prices fell sharply on Wednesday following the US midterm elections, with Brent crude dropping 3.09 percent to $100.40 a barrel as investors weighed the potential for a diplomatic shift in Washington's approach to Iran. The price decline came after Democrats won control of both chambers of Congress, increasing pressure on President Donald Trump's administration over the conflict with Iran. Trump told the Financial Times the US had no immediate plans for additional strikes, easing supply disruption concerns, though uncertainty remains over peace negotiations and shipping security. The Strait of Hormuz remains crucial, with Gulf exports averaging 17.1 million barrels per day in October, down from 18.9 million in September. Whether prices stay below $100 depends on diplomatic progress, shipping conditions, and market factors like US crude inventories, which unexpectedly fell by 5.27 million barrels.