The key facts

  • Brent fell 3.2% to $100.30 per barrel by 14:25 GMT, the third consecutive decline
  • Democrats won majorities in both chambers of the US Congress in the midterm elections
  • Qatar said the US and Iran are considering mediators' proposals, but it is too early to speak of a breakthrough

Prices continue to fall for the third session in a row

Brent crude fell by more than 3% on Wednesday, approaching the $100-per-barrel mark, Anadolu reports. By 14:25 GMT, the international benchmark stood at $100.30 per barrel — $3.30, or 3.2%, below Tuesday's close of $103.60. It was the third consecutive decline: traders were weighing the results of the US midterm elections and diplomatic efforts to end the war with Iran.

Elections changed the balance in Congress

As a result of Tuesday's elections, Democrats gained control of both chambers of Congress — the House of Representatives and the Senate. They took Senate seats from Republicans in Texas, Kansas, South Carolina, North Carolina and Ohio. From January, when the new Congress convenes, President Donald Trump will have to work with Democratic majorities in both chambers.

Iran talks: proposals under review, no breakthrough yet

The second factor pressuring prices is diplomacy. Qatari Foreign Ministry spokesman Majed al-Ansari said on Tuesday that Washington and Tehran are reviewing proposals put forward by mediators to end the conflict. According to him, the Qatari delegation spent about three hours in Tehran on Monday meeting with Iranian officials. The mediators remain in contact with both sides, but al-Ansari stressed that it is still too early to speak of a diplomatic breakthrough. He also condemned the attack on the Qatari gas tanker Al Mayeda, warning that attacks on vessels in the Persian Gulf threaten regional security and the ongoing negotiations.