US-Iran peace talks and stock data support oil prices
AI-generated summary
Brent oil price rose to 104.92 dollars yesterday and the January futures barrel price closed at 103.6 dollars. As of 09.11 today, it rose to $103.96, an increase of approximately 0.34 percent compared to the closing. WTI crude oil December futures barrel price was 96.28 dollars. The Congress midterm election process continues in the USA.
The January term barrel price of Brent oil, which rose to $104.92 yesterday, finished the day at $103.6. The barrel price of Brent oil increased by approximately 0.34 percent compared to the closing date at 09.11 today, reaching 103.96 dollars.
At the same time, the December term barrel price of West Texas Intermediate (WTI) crude oil was 96.28 dollars.
Contradictory signals regarding a possible peace agreement between the USA and Iran were effective in the rise in prices.
While the Congress midterm election process was continuing in the USA, US President Donald Trump, speaking to the Financial Times (FT) by phone, stated that relations with Tehran were "excellent" and that the USA had "no immediate plans" to attack Iran.
US President Trump argued that energy prices would fall rapidly after the midterm elections, that more oil is now passing through the Strait of Hormuz than before the war, and that the US blockade of Iranian ports is "suffocating" Tehran economically.
Iranian Foreign Ministry Spokesperson Ismail Bekayi stated that there was no new development regarding a possible agreement with the USA and that the exchange of messages between the parties continued through mediators.
On the other hand, Qatar is holding talks with the parties to reduce tensions between the USA and Iran and ensure the security of the passages in Hormuz.
In this context, Qatari mediators had contacts with the Iranian delegation in Tehran on October 30.
Then, the Iranian delegation continued negotiations with Qatari mediators for two days in Doha, the capital of Qatar.
Stock data announced in the USA supports prices
Investors are also watching the results of the US midterm elections and their possible impact on US President Trump's position in domestic politics and the administration's approach to the conflict.
Trump spoke to the Wall Street Journal newspaper after the Republicans lost the majority in the Senate and fell behind the Democrats in the House of Representatives, according to unofficial results in the midterm elections held in the USA.
Asked whether the war against Iran was the reason why Republicans lost blood in the elections, Trump said, "Iran was also a part of it." he replied.
Stock data announced in the USA was another factor that supported prices. The American Petroleum Institute (API) estimated that US commercial crude oil stocks decreased by approximately 5 million 267 thousand barrels last week. Market expectation was that there would be an increase of 2 million 100 thousand barrels in stocks.
It is stated that technically $ 104.10 can be watched as resistance and $ 102.40 as support zone for Brent oil.
AI outlook — possibilities, not facts
Brent oil price may test the $104.10 resistance level in the short term
Possible · Within days
Message exchange between the USA and Iran will continue through mediation
Likely · Within weeks

Oil prices in global markets; The Congressional midterm elections in the USA rose due to the conflicting statements between Washington and Tehran and the impact of decreasing crude oil stocks.
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