Oil Prices Rise Amid Political Uncertainty

Brent crude futures climbed 0.7% to $104.36 per barrel, reflecting market sentiment amid ongoing geopolitical tensions.

Democrats are projected to secure majorities in both chambers of Congress, which could influence policy decisions during the remainder of Trump's second term.

Analysts noted that President Trump's mixed messaging, including military actions and statements suggesting a lack of escalation, has created uncertainty for traders.

Global markets are closely monitoring developments in US-Israeli relations with Iran, as Qatar intensifies its diplomatic efforts to prevent further conflict.

Trump stated to the Financial Times that the US does not currently intend to launch military strikes against Iran.

Analysts anticipated an increase of approximately 880,000 barrels in crude oil inventories, though actual figures may differ.