Oil Drops As Markets Await US Election Results
2026-11-04 Shafaq News Oil prices slipped in early trade on Wednesday as investors awaited the results of the US midterm elections and their potential impact on peace talks in the Middle East, even after industry data showed US crude stocks unexpectedly fell last week.
Brent futures fell 26 cents, or 0.25%, to $103.34 a barrel by 0157 GMT. US West Texas Intermediate crude futures fell 53 cents, or 0.55%, to $95.56.
In the previous session, Brent eased more than 1% to its lowest level in nearly four weeks as traders weighed talks to end the wars in Ukraine and Iran.
Vote counting was underway in the US midterm elections, which will determine whether Trump’s Republican Party retains control of Congress for the rest of his second term.
Markets remained on watch for any progress in talks to end the US-Israeli war with Iran, as Qatar stepped up mediation efforts to avert an escalation of attacks after the US midterm elections.
A senior Iranian official told Reuters on Tuesday that Iran and the United States remain far from a deal to end their war.
The United States carried out “defensive” strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Tuesday. Another official said the strikes appeared limited and did not signal a return to major combat operations.
US President Donald Trump told the Financial Times on Tuesday that the United States had no immediate plans to strike Iran.
“We seem to be getting everything we want,” Trump said in the six-minute telephone interview.
Meanwhile, crude stocks fell by 5.27 million barrels in the week ended October 30, market sources said on Wednesday, citing data from the American Petroleum Institute.
Eight analysts polled by Reuters had expected, on average, a rise of about 880,000 barrels in crude inventories.
Gasoline stocks rose by 1.43 million barrels, while distillate inventories fell by 1.19 million barrels from a week earlier, the sources said.
“Diesel inventories remain tight, while gasoline stocks rose more than expected. The data are broadly supportive of oil prices,” Haitong Futures said in a note on Wednesday. (Reuters)
Syria-Iraq Traders Gain Easier Market Access
2026-11-03 Shafaq News- Damascus Easier visa procedures for traders between Syria and Iraq could strengthen trade, investment and business partnerships, with the impact expected to emerge gradually next year, Mohammed Imad Al-Mawlawi, an executive board member of the Rural Damascus Chamber of Commerce, said on Tuesday.
On Nov. 2, Anas Al-Bou, head of the Joint Foreign Relations Committee and a board member of the Federation of Syrian Chambers of Commerce, told SANA that Iraq had approved easier entry visas for Syrian traders in the top, first, and second categories. Applications will require recommendation letters from the federation. The move follows a series of economic talks between the two countries and puts some of their agreements into practice.
Read more: Analysts: Iraq-Syria talks boost economic, security prospects
Al-Mawlawi told Shafaq News that easier travel would allow Syrian and Iraqi businesses to deal more directly with importers and distributors, track shipments and marketing campaigns, and send representatives to follow their operations on the ground. Cutting out some intermediaries could also lower costs, make it easier to exchange expertise and help traders reach new markets and take part in commercial events. Opportunities for greater cooperation span agriculture, industry, transport, logistics, transit trade, energy, construction materials and reconstruction.
Visa changes alone, however, would not be enough to drive investment, he said. Further steps are needed to improve border-crossing arrangements and simplify procedures that affect the movement of goods and businesses between Syria and Iraq.
Turkish Lira Breaches 50 Per Dollar To Record Low
2026-11-03 Shafaq News- Ankara The Turkish lira hit a record low on Tuesday, breaching the 50-per-dollar threshold for the first time. Its decline came after official data showed annual inflation in Turkiye climbed to 29.8% in October, compared with 29.7% in September, exceeding analysts’ forecast of 29.5%.
According to the Turkish Statistical Institute, consumer prices rose 2.58% month-on-month, up from 1.84% in September, driven by increases in clothing, footwear, food, and non-alcoholic beverage prices.
Following the release, Turkish financial markets came under pressure, with the benchmark Borsa Istanbul index dropping by as much as 1%, led by losses in banking stocks.
Meanwhile, yields on two-year and 10-year government bonds rose by eight and six basis points, respectively.
Central Bank Governor Fatih Karahan is scheduled to present updated inflation forecasts on November 12, as investors await further indications of the country’s monetary policy direction and the authorities’ ability to curb rising prices and stabilize the national currency. https://shafaq.com/en/Economy/Turkish-lira-breaches-50-per-dollar-to-record-low
Basrah Crude Prices Retreat Alongside Global Decline
2026-11-04 Shafaq News- Basrah Iraq’s Basrah crude prices fell by more than 5% on Wednesday, tracking a broader decline in global oil benchmarks.
Basrah Heavy crude slid 5.36% to $70.15 per barrel, while Basrah Medium crude dipped 5.08% to $74.15 per barrel.
Brent crude edged down 26 cents, or 0.25%, to $103.34 per barrel. US West Texas Intermediate (WTI) crude also declined, shedding 53 cents, or 0.55%, to $95.56 per barrel. The OPEC reference basket stood at $103.53 per barrel.
US Dollar Trades Higher In Baghdad, Erbil
2026-11-04 Shafaq News- Baghdad/ Erbil The US dollar opened Wednesday’s trading higher 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, up from the previous session’s 167,900 dinars.
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.
Gold Prices Climb In Baghdad And Erbil
2026-11-04 Shafaq News- Baghdad/ Erbil Gold prices rose in Baghdad and Erbil on Wednesday, hovering around 950,000 IQD per mithqal, according to a Shafaq News survey.
On Baghdad’s Al-Nahr Street, 21-carat Gulf, Turkish, and European gold sold for 950,000 IQD per mithqal (five grams), with a buying price of 946,000 IQD, compared with 918,000 IQD on Tuesday.
The selling price for 21-carat Iraqi gold stood at 920,000 IQD, while the buying price reached 916,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 950,000 and 960,000 IQD, while Iraqi gold sold for between 920,000 and 930,000 IQD.
In Erbil, 22-carat gold was sold at 1,009,000 IQD per mithqal, 21-carat gold at 965,000 IQD, and 18-carat gold at 826,000 IQD.