Oil rises on Iran war uncertainty after Trump's Republicans are routed in midterms

Oil benchmarks climbed 0.7% on Wednesday as traders assessed the outlook for the US-Israeli conflict with Iran and awaited further developments in Washington, Business Recorder reported. At 0730 GMT, Brent was up 76 cents at $104.36 a barrel, while US West Texas Intermediate gained 63 cents to $96.72, recovering from earlier losses.

Uncertainty over the conflict and the possibility of supply disruption around the Strait of Hormuz supported prices, while traders also considered prospects for diplomatic efforts to end the war. US crude inventories fell by 5.27 million barrels in the week to October 30, according to market sources citing American Petroleum Institute data; analysts had forecast an increase of about 880,000 barrels. Official US inventory figures were due later on Wednesday.