'Election' and 'Iran' activity in oil prices: Brent oil reached 104 dollars

Oil prices in global markets; The critical Congressional midterm elections in the USA turned upward due to the conflicting messages coming from Washington-Tehran line and decreasing stock data.

In international futures markets, the barrel price of January term Brent oil rose by 0.34 percent to $103.96 as of 09.11 today, following yesterday's close of $103.6. In parallel with Brent oil, which tested $ 104.92 during the day, the December term barrel of West Texas Intermediate (WTI) crude oil also finds buyers at $ 96.28 in the same minutes.

'IRAN' AND 'ENERGY' MESSAGES FROM TRUMP

Contrasting statements regarding a possible peace agreement between the USA and Iran are decisive in pricing. Speaking to the Financial Times (FT) as midterm election excitement continued in the USA, US President Donald Trump claimed that there were "no immediate plans of attack" against Iran and that relations were progressing "perfectly".

Trump also argued that energy prices would fall rapidly after the elections, that the oil flow in the Strait of Hormuz exceeded the pre-war period, and that the blockade imposed by the United States was "suffocating" the Iranian economy.

MEDIATION TRAFFIC AND TEHIRAN'S RESPONSE

Despite this optimistic picture of Trump, a different statement came from the Spokesperson of the Iranian Foreign Ministry, Ismail Bekayi. Bekayi emphasized that there is no new development in a possible agreement with the USA and that communication is carried out only through mediators.

Qatar's mediation traffic has also accelerated in order to reduce tension in the region and ensure security in the Strait of Hormuz. Following the contacts that started in Tehran on October 30, Qatari officials conducted a two-day intense negotiation process with the Iranian delegation in Doha.

'WAR' CONFESSION ABOUT ELECTION LOSS

Another critical topic on the markets' radar is the US midterm elections, which will directly affect Trump's power in domestic politics and his Middle East strategy.

According to unofficial results, Republicans losing the Senate and falling behind the Democrats in the House of Representatives had an impact on the markets. Speaking to the Wall Street Journal (WSJ) after the election results, Trump admitted that "the war against Iran also played a role" in the Republicans' loss of blood.

SURPRISE STOCK DROP SUPPORTED PRICES

On the other hand, stock data from the US front was one of the main factors supporting the upward momentum in oil. The American Petroleum Institute (API) announced that US commercial crude oil stocks decreased by approximately 5 million 267 thousand barrels last week, contrary to the market expectation of an increase of 2.1 million barrels.

Experts state that technically, the $104.10 level in Brent oil will be closely watched as the critical resistance and $102.40 as the support zone.