Crude gains as US stockpiles shrink, Iran-US tensions persist

Crude oil futures climbed above $97 per barrel on Wednesday, recovering from a four-week low as market attention shifted from the US midterm elections to the evolving US-Iran conflict. Prices also drew support from a sharp decline in US crude inventories, with the American Petroleum Institute (API) estimating a draw of 5.267 million barrels in the week ended October 30, following a 2.031-million-barrel decline in the previous week. Meanwhile, diplomatic efforts to ease tensions remain uncertain, with Qatar confirming that both sides are reviewing fresh proposals from mediators, while Iran expressed dissatisfaction with Washington?s response. Recent US defensive strikes against Iranian missile systems further clouded the outlook. On the MCX, November crude oil futures traded largely unchanged at ₹9,102 per barrel.

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