OMM Newsroom
Brent crude fell more than 3% on Wednesday, extending its losses for a third consecutive session as traders assessed US election results and diplomatic efforts to end the conflict with Iran, Anadolu Agency reported.
The international benchmark stood at $100.30 a barrel as of 14:25 GMT, down $3.30, or 3.2%, from Tuesday’s settlement of $103.60.
Democrats won control of both the House of Representatives and the Senate in Tuesday’s US midterm elections, securing majorities in both chambers of Congress. They captured Republican-held Senate seats in Texas, Kansas, South Carolina, North Carolina and Ohio.
The results leave President Donald Trump facing Democratic majorities in both chambers when the new Congress convenes in January.
Meanwhile, Qatari Foreign Ministry spokesman Majed al-Ansari said on Tuesday that Washington and Tehran were reviewing proposals submitted by mediators seeking to end the conflict.
A Qatari delegation met Iranian officials in Tehran for about three hours on Monday to discuss the proposals, al-Ansari said. He added that mediators remained in contact with both sides, but cautioned that it was too early to report a diplomatic breakthrough.
Al-Ansari also condemned the targeting of the Qatari gas carrier “Al Mayeda”, warning that attacks on vessels in the Gulf threatened regional security and ongoing negotiations.
