Crude oil fell below $94 a barrel on Wednesday, extending losses for a third straight session and hitting its lowest level in roughly three weeks. Prices remained under pressure as investors weighed the potential for de-escalation in the US-Israeli conflict with Iran following the Republican Party’s setbacks in the midterm elections. President Donald Trump said Washington had no immediate plans for additional strikes, though he emphasized that the US remained ready to act if necessary.
At the same time, diplomatic efforts led by Qatar and Pakistan continued, with Qatari officials expecting responses from both sides to proposals aimed at resolving the conflict, even as reports indicated that negotiations were still far from a breakthrough. On the supply side, renewed Gulf exports increased Middle Eastern oil availability beyond near-term demand for the first time since July, adding further downward pressure on prices. In contrast, US crude inventories fell by 865,000 barrels last week, their fifth consecutive weekly decline.
