Oil inches higher as markets weigh U.S. election outcome, Iran war risks

Oil prices edged higher on Wednesday as investors assessed the implications of the U.S. midterm elections for the conflict in the Middle East, with Democrats capturing control of both chambers of Congress from President Donald Trump’s Republicans.

As of 01:57 ET (06:57 GMT), Brent Oil Futures expiring in January rose 0.6% to $104.20 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.5% to $96.59 per barrel.

Democrats secured majorities in both the House of Representatives and Senate, delivering a setback to Trump for the remainder of his second term.

The election outcome could complicate the administration’s policy agenda, although investors remained focused on whether Washington would pursue further military action against Iran or seek a diplomatic resolution.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →