Crude Oil Slips Below $104 as Markets Weigh US Midterm Results and Diplomacy

Crude oil futures fell on Wednesday as market participants monitored U.S. midterm election counting and assessed Middle East diplomatic efforts. Brent crude dropped 40 cents, or 0.41%, to $103.21 per barrel, while WTI fell 67 cents, or 0.70%, to $95.42 per barrel, following earlier intraday lows. Geopolitical tensions eased slightly after President Donald Trump indicated no immediate plans for broader military strikes against Iran following limited U.S. defensive actions. Losses occurred despite American Petroleum Institute data showing a surprise 5.27 million-barrel decline in U.S. crude inventories.