Oil prices edged lower in Asian morning trade as markets tracked U.S. midterm election results. ANZ Research said traders are parsing conflicting signals on U.S.-Iran peace talks, which is driving oil volatility; ANZ noted both sides appear open to a diplomatic resolution while Iran says U.S. responses to its demands are unsatisfactory. Analysts said the most direct market impact of the U.S. midterms will be whether the Middle East situation moves toward resolution or the U.S. resumes offensive

Oil prices edged lower in Asian morning trade as markets tracked U.S. midterm election results. ANZ Research said traders are parsing conflicting signals on U.S.-Iran peace talks, which is driving oil volatility; ANZ noted both sides appear open to a diplomatic resolution while Iran says U.S. responses to its demands are unsatisfactory. Analysts said the most direct market impact of the U.S. midterms will be whether the Middle East situation moves toward resolution or the U.S. resumes offensive military action.