MUMBAI: With chances of a diplomatic resolution to the US-Iran conflict rising after the Democratic sweep of the mid-term elections, oil prices dipped on Wednesday. In evening trades, Brent crude was down 2.8% at just above the psychologically important $100 level, down from $117 level last week. Falling crude prices also had a positive impact on the rupee that strengthened 10 paise to close at 94.65 to the dollar, a two-week closing high. Gold, meanwhile, surged about 3%, on track for its biggest daily gain since mid-Aug. Spot gold was up 2.9% to $4,040 per ounce.