# The Commodities Feed: US midterm elections key for oil market | ING THINK

> ING's commodities feed says oil markets are nervous ahead of the US midterm elections, with fears of renewed US and Israeli strikes on Iran. Brent settled near $113 on Friday after the December contract expired at $117.64, and vessel attacks continue though Hormuz traffic is increasing. Iranian negotiators held talks with Qatari mediators in Doha over the weekend.

- Date: 2026-11-02 · published 2026-11-02T03:05:23.612Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/74624-the-commodities-feed-us-midterm-elections-key-for-oil-market-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Persian Gulf escalation risk keeps a geopolitical premium in crude, which feeds diesel and fertiliser costs for feed producers. If the midterms pass without strikes or a deal, that premium could start to unwind, pressuring energy prices lower.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-16 | [The Commodities Feed: Oil market remains nervous \| articles \| ING THINK](https://feedsoft.ai/events/33615-the-commodities-feed-oil-market-remains-nervous-articles-ing-think.md) | +0.4% | -10.9% |
| BRENT | 2020-02-07 | [The Commodities Feed: More OPEC+ cuts coming \| snaps \| ING THINK](https://feedsoft.ai/events/54748-the-commodities-feed-more-opec-cuts-coming-snaps-ing-think.md) | +2.3% | -8.0% |
| BRENT | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.6% | +2.8% |
| BRENT | 2025-02-20 | [The Commodities Feed: EU agrees on another Russian sanctions package \| articles \| ING THINK](https://feedsoft.ai/events/26238-the-commodities-feed-eu-agrees-on-another-russian-sanctions-package-articles.md) | -4.2% | -6.3% |
| BRENT | 2026-02-28 | [What the Iran attack means for oil, fertilizer and ag commodities - Pro Farmer](https://feedsoft.ai/events/20635-what-the-iran-attack-means-for-oil-fertilizer-and-ag-commodities-pro-farmer.md) | +31.0% | +62.6% |
| WTI | 2023-10-16 | [The Commodities Feed: Oil market remains nervous \| articles \| ING THINK](https://feedsoft.ai/events/33615-the-commodities-feed-oil-market-remains-nervous-articles-ing-think.md) | +1.5% | -12.6% |
| WTI | 2020-02-07 | [The Commodities Feed: More OPEC+ cuts coming \| snaps \| ING THINK](https://feedsoft.ai/events/54748-the-commodities-feed-more-opec-cuts-coming-snaps-ing-think.md) | +0.9% | -19.2% |
| WTI | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.5% | +3.3% |

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-post-midterms-key-for-the-oil-market021126/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.