FX.co ★ Brent Falls Below $102

Brent crude prices slipped to about $101.70 per barrel on Wednesday, hovering near a three-week low and extending declines into a third straight session. Still, volatility is likely to remain elevated as traders track shifts in US policy toward Iran following the midterm elections.

The elections delivered Democratic control of both chambers of Congress, a result that could limit President Trump’s ability to advance his legislative agenda. At the same time, Qatar has intensified its mediation efforts. A spokesperson for Qatar’s Foreign Ministry said both the US and Iran are considering new proposals from mediators aimed at narrowing their differences.

Nevertheless, Iran’s national security chief indicated on social media that Washington’s response to these proposals remains unsatisfactory. President Trump told the Financial Times on Tuesday that the US has no immediate plans to strike Iran, although the US did carry out what it described as defensive strikes against Iran earlier this week.