Crude Oil Prices Rise as Mixed US-Iran Signals Weigh on Peace Hopes | November 4, 2026

Crude oil prices edged higher in Asian trading on Wednesday, November 4, 2026, as investors assessed mixed signals surrounding a possible US-Iran peace agreement and the outcome of the US midterm elections, as per news reports. 

Brent crude futures for January delivery rose 1% to US$104.61 per barrel, while US West Texas Intermediate (WTI) crude gained 0.8% to US$96.83 per barrel. 

Both benchmarks had declined over the previous two sessions, with Brent settling at US$103.60 and WTI at US$96.09 on Tuesday, their lowest levels in nearly four weeks. 

US-Iran Peace Talks Keep Oil Markets Uncertain 

Washington and Tehran are reviewing fresh proposals from mediators aimed at resolving differences and preventing a return to full-scale conflict, as per a Bloomberg report. 

Qatar has stepped up mediation efforts, with representatives travelling to Tehran on Monday for discussions with Iranian officials before returning to Doha. 

However, hopes of a breakthrough remain uncertain. A senior Iranian official told Reuters that Washington's response to the latest peace proposal was not convincing. 

Fresh Military Strikes Add to Supply Concerns 

Diplomatic efforts have been overshadowed by renewed military activity. The US carried out limited strikes on Iran's Qeshm island on Monday, targeting surface-to-air missiles reportedly used against American assets. 

Investors are also watching the US midterm election outcome, which could influence President Donald Trump's political position and his administration's approach to the conflict. 

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US Crude Inventory Decline Supports Prices 

US inventory figures provided additional support to oil prices. The American Petroleum Institute (API) reported that crude inventories fell by 5.267 million barrels in the week ended October 30, 2026. 

This contrasted with market expectations of a 2.1 million-barrel increase. Gasoline inventories rose by 1.427 million barrels, while distillate stocks declined by 270,000 barrels. 

Conclusion 

Crude oil prices remain sensitive to developments in US-Iran negotiations, military activity and US inventory data. Uncertainty surrounding the conflict and diplomatic efforts continues to influence movements in global oil markets. 

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