Oil prices fall for fourth day after US elections
2026-11-05 Shafaq News Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump's Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the US-Israeli war on Iran.
Brent futures fell 80 cents, or 0.85% to $93.82 a barrel as of 0426 GMT, while US West Texas Intermediate crude futures were down $1.2, or 1.36%, to $86.92. Both benchmarks tumbled by more than 8% in the previous session to settle at their lowest since August 31.
A weakened Trump, facing a Democratic Congress able to constrain his military options, has greater incentive to seek a deal, two sources close to Gulf government circles said on Wednesday. A full-scale assault on Iran now looks less likely, they said.
A resolution to the conflict could restore oil flows from the Middle East impacted by the war, though analysts caution the way forward remains uncertain.
"Markets are assessing the impact of the midterm elections on Donald Trump's next steps with the Iran war, pricing in more likelihood for the war to end," said June Goh, senior oil analyst at Sparta Commodities.
"However, there will be more volatility ahead as the path to full diplomacy to end the war is still wrought with many unknowns while the global strategic reserves have drawn very thin."
Crude shipments through the Strait of Hormuz — the key waterway for most Gulf oil supplies — have recovered to close to pre-war levels, according to analysts, though at a higher cost.
The resumption of Gulf supply has pushed the global oil market back into surplus after months of disruption caused by the war, JPMorgan said in a note on Wednesday.
JPMorgan estimates the market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October, nearly matching last year's average of 1.3 million bpd.
However, uncertainty remains before the Democratic-controlled Congress takes office in January, analysts said.
Citi said in a note on Thursday there were concerns that with the midterms over the White House could focus on its executive powers in foreign policy and potentially escalate conflict with Iran.
Eurasia Group lowered its estimate for the chance of renewed US strikes on Iran to 60% from 65%, but also cut the probability of a deal to 10% from 20%, as Iran has held firm on its demands and Trump was unlikely to accept terms seen as a defeat. It raised the likelihood of a continued standoff to 30% from 15%.
Despite the recent drop in oil prices, escalation is likely to produce a sharper increase into a band of $110 to $125 per barrel for Brent, Eurasia Group said in a note.
Commercial oil inventories in major consuming countries are near their lowest in 15 years and Iran could emerge from the US election outcome with greater resolve, said Mukesh Sahdev, CEO of energy consultancy XAnalysts.
US crude, gasoline and distillate inventories all fell last week as demand hit its highest in a year, the Energy Information Administration said on Wednesday. (Reuters)
https://shafaq.com/en/Economy/Oil-prices-fall-for-fourth-day-after-US-elections
Basrah Crudes Dip With Global Oil Losses
2026-11-05 Shafaq News- Basrah Iraq’s Basrah crude prices fell by around 11% on Thursday, tracking a decline in benchmark crude futures.
Basrah Heavy crude slid $7.84, or 11.18%, to $62.31 per barrel, while Basrah Medium crude dropped 10.57% to $66.31 per barrel.
Brent crude futures declined $0.80, or 0.85%, to $93.82 per barrel. US West Texas Intermediate (WTI) crude decreased $1.2, or 1.36%, to $86.92 per barrel. The OPEC reference basket stood at $103.53 per barrel, down $12.33, or 10.64%.
https://shafaq.com/en/Economy/Basrah-crudes-dip-with-global-oil-losses
Dollar Steadies In Baghdad, Erbil
2026-11-05 02:59 Shafaq News- Baghdad/ Erbil The US dollar opened Thursday’s trading steady in Baghdad and Erbil, hovering around 168,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 168,200 dinars per 100 dollars, unchanged from the previous session.
In the Iraqi capital, exchange shops sold the dollar at 168,750 dinars and bought it at 167,750 dinars, while in Erbil, selling prices stood at 168,000 dinars and buying prices at 167,900 dinars.
https://shafaq.com/en/Economy/Dollar-steadies-in-Baghdad-Erbil
Gold Prices Edge Up In Baghdad And Erbil
2026-11-05 Shafaq News- Baghdad/ Erbil Gold prices rose in Baghdad and Erbil on Thursday, hovering around 975,000 IQD per mithqal, according to a Shafaq News survey.
On Baghdad’s Al-Nahr Street, 21-carat Gulf, Turkish, and European gold sold for 970,000 IQD per mithqal (five grams), with a buying price of 966,000 IQD, compared with 950,000 IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 940,000 IQD, while the buying price reached 936,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 970,000 and 980,000 IQD, while Iraqi gold sold for between 940,000 and 950,000 IQD.
In Erbil, 22-carat gold was sold at 1,034,000 IQD per mithqal, 21-carat gold at 988,000 IQD, and 18-carat gold at 846,000 IQD.
https://shafaq.com/en/Economy/Gold-prices-edge-up-in-Baghdad-and-Erbil-0
Japanese Exports To Iraq Hit $130M In Q3 2026
2026-11-05 Shafaq News- Tokyo/ Baghdad Japan's exports to Iraq surged 56.6% in the third quarter of 2026, reaching nearly $130 million, an increase of about $47 million from the previous quarter, data from Japan's Finance Ministry showed on Thursday.
Passenger cars and vehicles designed to carry fewer than 10 people accounted for the largest share of exports, totaling around $50 million between July and September, slightly below the $51 million recorded in the second quarter.
Seamless iron and steel pipes and tubes ranked second, with exports valued at around $21 million. Rubber tires followed at $9.8 million, while vehicles designed to transport goods accounted for approximately $6.3 million.
https://shafaq.com/en/Economy/Japanese-exports-to-Iraq-hit-130M-in-Q3-2026
Basrah Crude Prices Drop Again
2026-11-05 Shafaq News- Basrah Iraq’s Basrah crude prices fell by around 14% on Thursday, despite gains in global oil benchmarks.
Basrah Heavy crude dropped $9.24, or 14.83%, from $62.31 earlier in the day to $53.07 per barrel, while Basrah Medium declined by the same amount, or 13.94%, from $66.31 to $57.07 per barrel.
Brent crude futures rose $1.75, or 1.85%, to $96.37 per barrel. US West Texas Intermediate (WTI) gained $0.89, or 1%, to $89.01. The OPEC reference basket stood at $96.87 per barrel, down 6.43%.
https://shafaq.com/en/Economy/Basrah-crude-prices-drop-again