Oil prices rose nearly 3%, trading above $112 per barrel as market participants weigh potential new attacks on Iran after the US midterm elections.

Russian exports may slip next month as higher diesel production for export ramps up following a deal with the US, potentially tightening global supply.

Qatar presented Iran with an eight‑month proposal to end the war; Tehran has not accepted it, keeping the document under consideration per Reuters.

Investors await the OPEC+ meeting set for Sunday, with expectations that producers will keep to their planned targets, even as Saudi Arabia, Russia, and Iraq lag behind current output goals.

US crude inventories fell by nearly 2 million barrels for the week ending October 23, bolstering expectations of a stock build ahead.

Analyst Dennis Kissler warns that renewed US military operations could intensify given recent strikes in Saudi Arabia and other Middle East allies.