“The big risk is uncertainty around how Trump could act in the coming months following such a result,” Mr Mould said.
Wall Street futures swung from losses into positive territory, with S&P 500 futures pointing to a 0.2 per cent gain at the US open and Dow futures up 0.5 per cent.
Brent crude edged 0.3 per cent higher to $103.88 per barrel, with Mr Mould suggesting the move reflected expectations that Trump may pivot towards foreign policy, where his authority faces fewer constraints, and intensify pressure on Iran.
The oil price had earlier dipped below $103 as markets weighed the progress of peace talks between Washington and Tehran.
Qatar’s Foreign Ministry spokesperson said both sides were assessing fresh proposals from mediators aimed at narrowing their differences.
Those negotiations are continuing despite the US having carried out what it described as “defensive” strikes against Iran.
“With oil prices edging down again there appears to be a cautious outbreak of risk appetite, in hopes that the usual post mid-terms rally can get underway in earnest,” Mr Beauchamp said.