FX.co ★ Crude Oil Falls for 3rd Session

Crude oil prices slipped to about $95.30 a barrel on Wednesday, marking a three-week low and extending losses for a third consecutive session. Volatility is expected to remain elevated as traders track developments in US policy toward Iran following the midterm elections.

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

Still, Iran’s national security chief suggested in a social media post that Washington’s response remains unsatisfactory. President Trump, speaking to the Financial Times on Tuesday, said the US has no immediate plans to launch strikes against Iran, even though the country carried out what it described as defensive strikes against Iran earlier this week.