The latest progress in peace negotiations between Russia-Ukraine and the United States and Iran is exposed! International oil prices fall to near 4-week low

International oil prices fell about 1% on Tuesday (3rd) to the lowest level in nearly four weeks. Markets are weighing progress in talks to end Ukraine's war with Iran and concerns that attacks in two recent conflicts could further disrupt oil supplies.

In addition, the world is also paying attention to the U.S. midterm elections to see whether U.S. President Trump's Republican Party can continue to control the U.S. Congress during the remainder of his second term. Polls and nonpartisan analysts expect Democrats to regain control of the House of Representatives, but the outcome of the Senate election remains uncertain.

Brent crude oil futures fell $1.17, or 1%, to close at $103.60 a barrel, the lowest closing price since October 7.

U.S. West Texas Intermediate (WTI) crude oil in New York fell 37 cents to close at $96.09 a barrel, its lowest level since October 14.

A senior Iranian official told Reuters that Iran and the United States are still far away from reaching an agreement to end the war; at the same time, mediator Qatar is stepping up diplomatic mediation in an attempt to avoid further escalation of the conflict after the U.S. midterm elections.

A spokesman for Qatar's Ministry of Foreign Affairs said that the United States and Iran remain committed to mediation and are currently reviewing proposals aimed at bridging the differences between the two parties.

ING said in a report: "Despite these positive signals, it may be too early to think that the risk of escalation has subsided. However, one thing is clear, and that is that strong signals of progress in peace negotiations will mean that there is room for further declines in oil prices."

The United States launched air strikes on Iran's Qeshm Island at night. A U.S. official said the attack targeted surface-to-air missiles that have been used to attack U.S. assets. Another official said that the attack appeared to be limited in scale and did not mean that the United States would resume large-scale combat operations.

The Russian Kremlin confirmed that Russia will hold trilateral peace talks with Ukraine and the United States in Abu Dhabi, United Arab Emirates, from November 10 to 11. Russia could increase oil exports if it reaches a deal with Ukraine to end the invasion launched by Moscow in 2022.

However, just as the negotiations were about to be held, Russia launched a violent bombing campaign against Ukraine's energy infrastructure, using dozens of missiles and hundreds of drones, causing power outages in large areas of Ukraine. On the other hand, a Ukrainian drone attacked a large oil refinery in Yaroslavl, Russia, at night, causing a fire in the plant.