Oil rises on Iran war uncertainty after Trump's Republicans face election rout

Brent crude added 82 cents, or 0.8%, to $104.42 a barrel on Wednesday, while US West Texas Intermediate rose 50 cents, or 0.5%, to $96.59. The Express Tribune reported that prices recovered from earlier losses as traders assessed the Iran conflict and awaited the next steps from Washington after US midterm elections.

Market attention remained on efforts to end the conflict, with Qatar increasing its mediation role and an Iranian official saying Tehran and Washington remained far from an agreement. US crude inventories declined by 5.27 million barrels in the week to October 30, against analysts’ average expectation of an increase of about 880,000 barrels, while gasoline stocks grew and distillate inventories fell. Official US inventory figures were due later on Wednesday.