Sean Oliver, chief economist at Australian financial services group AMP, said Democratic gains in the U.S. midterms could prompt tighter regulation—notably in artificial intelligence—and, if seen as increasing chances of a Democratic return to the White House in 2028, raise market concerns about higher taxes. Those factors could be negative for U.S. equities and the U.S. dollar; markets appear to be starting to price that in. Oliver added a Democratic victory would not be unexpected, suggesting

US API Cushing crude stocks, week to Oct 30: +511k barrels; prior -453k.

Trump told the Financial Times he has no immediate plan to strike Iran and downplayed speculation of a post-midterm escalation, saying he is satisfied with the current stalemate but is prepared to act if necessary. Asked about Israeli Prime Minister Netanyahu's hint of an attack this week, Trump said US forces are ready though action may not be required and he will not preannounce any attack plans. He said energy prices will fall sharply after the midterm elections, that oil flows through the Strait of Hormuz are higher than before the war, and that US restrictions on Iranian ports are successfully choking Tehran's economy. He added indirect talks with Iran on the nuclear issue are continuing.