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

Oil prices advanced on Wednesday as traders tracked the uncertain course of the Iran conflict and the outcome of US midterm voting, Business Recorder reported. Brent climbed 0.8% to $104.42 a barrel, while US West Texas Intermediate added 0.5% to $96.59 at 0510 GMT, recovering from earlier losses.

Investors were also assessing supply risks around the Strait of Hormuz and signs of progress in diplomatic efforts, though a senior Iranian official said a US-Iran agreement remained distant. US crude inventories dropped by 5.27 million barrels in the week to October 30, according to figures cited from the American Petroleum Institute, against analysts’ forecast for an increase of about 880,000 barrels. Gasoline stocks increased by 1.43 million barrels and distillate inventories declined by 1.19 million; official US inventory figures were due later Wednesday.