Oil rises on Iran war uncertainty after Trump's Republicans face election rout
USO•Brent rose 0.8% to $104.42 a barrel and U.S. WTI gained 0.5% to $96.59 as investors watched developments in the Iran war and U.S. midterm elections. A reported 5.27 million-barrel draw in U.S. crude stocks offered support.
1. Oil prices rise
Oil prices rose in a volatile session as investors awaited Washington's next move in the war with Iran. Brent futures gained 82 cents to $104.42 a barrel, while U.S. West Texas Intermediate crude futures rose 50 cents to $96.59.
2. War and inventory data
Markets watched for progress in talks to end the war, as Qatar stepped up mediation efforts. A senior Iranian official said Iran and the United States remained far from a deal. Market sources said U.S. crude stocks fell 5.27 million barrels in the week ended October 30, compared with analysts' expectations of an 880,000-barrel increase.
3. Other stock changes
Gasoline stocks rose by 1.43 million barrels and distillate inventories fell by 1.19 million barrels, the sources said. Official U.S. inventory data was due later Wednesday.
