Global oil prices fell on Wednesday, November 4, 2026, as investors remained concerned about tensions in the Middle East and awaited the outcome of the US midterm elections.

The decline came despite new data showing that US crude oil inventories fell more than expected last week, a development that would normally support higher oil prices.

According to Reuters, Brent crude, the international benchmark, fell by 26 cents, or 0.25%, to US$103.34 per barrel in early trading.

Similarly, US West Texas Intermediate (WTI) crude dropped by 53 cents, or 0.55%, to US$95.56 per barrel.

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The decline followed Tuesday's trading session, during which Brent crude lost more than 1%, reaching its lowest level in nearly four weeks.

Investors are closely monitoring the outcome of the US midterm elections, which will determine whether President Donald Trump's Republican Party retains control of Congress.

The election results could influence US foreign policy, particularly ongoing efforts to end the conflicts involving Iran and Ukraine.

Meanwhile, Qatar has intensified efforts to help the United States and Iran reach a peace agreement and prevent further attacks following the elections.

However, a senior Iranian official told Reuters that the two countries remained far from reaching an agreement to end the conflict.

The United States also carried out limited strikes on Iran's Qeshm Island, targeting missile systems that officials said posed a threat to American assets.

Despite the strikes, President Trump indicated that Washington had no immediate plans to launch further attacks against Iran.

“We seem to be getting everything we want,” Trump told the Financial Times on Tuesday.

On the supply side, figures from the American Petroleum Institute (API) showed that US crude oil inventories fell by 5.27 million barrels in the week ending October 30.

The decline surprised analysts, who had expected crude inventories to increase by about 880,000 barrels.

Gasoline inventories, however, rose by 1.43 million barrels, while diesel and other distillate inventories fell by 1.19 million barrels.

Analysts at Haitong Futures said the decline in crude oil inventories and tight diesel supplies could provide support for oil prices, although the larger-than-expected increase in gasoline stocks could weigh on the market.

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Investors are now awaiting official inventory data from the US Energy Information Administration (EIA), expected later on Wednesday, for further indications of oil supply and demand.

DR/MA

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