# Oil rises on Iran war uncertainty after Trump's Republicans face election rout

> Oil prices rose in a volatile session as investors awaited Washington's next move in the war with Iran. Brent gained 0.8% to $104.42 and WTI rose 0.5% to $96.59, reversing earlier declines, after Democrats won control of both houses of Congress in the US midterm elections.

- Date: 2026-11-03 · published 2026-11-04T06:07:45.860Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/79181-oil-rises-on-iran-war-uncertainty-after-trump-s-republicans-face-election-rout
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

Renewed Hormuz supply risk and US strikes on Iran keep a geopolitical premium in crude, which feeds into feed-ingredient costs through energy, freight and fertiliser channels. Profit-taking after October's rally limits the upside for now.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-03-24 | [Crude Oil Rallies on Tougher Iranian Sanctions and OPEC+ Uncertainty \| Investing.com AU](https://feedsoft.ai/events/25752-crude-oil-rallies-on-tougher-iranian-sanctions-and-opec-uncertainty-investing.md) | +1.7% | -7.4% |
| WTI | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +8.5% | +25.0% |
| WTI | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.5% | +7.9% |
| WTI | 2018-05-08 | [Oil closes down 2.4% on extreme volume after Trump pulls US out of Iran deal](https://feedsoft.ai/events/65183-oil-closes-down-2-4-on-extreme-volume-after-trump-pulls-us-out-of-iran-deal.md) | +0.4% | -7.4% |
| WTI | 2026-04-30 | [Oil retreats after hitting four-year high on concern of US-Iran war escalation \| Reuters](https://feedsoft.ai/events/19881-oil-retreats-after-hitting-four-year-high-on-concern-of-us-iran-war-escalation.md) | -10.8% | -16.4% |
| BRENT | 2025-03-24 | [Crude Oil Rallies on Tougher Iranian Sanctions and OPEC+ Uncertainty \| Investing.com AU](https://feedsoft.ai/events/25752-crude-oil-rallies-on-tougher-iranian-sanctions-and-opec-uncertainty-investing.md) | +2.4% | -6.4% |
| BRENT | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +9.5% | +25.6% |
| BRENT | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.4% | +8.5% |

## Sources

- newsukraine.rbc.ua: https://newsukraine.rbc.ua/news/oil-prices-climb-as-uncertainty-over-iran-1793781450.html
- arabnews.com: https://www.arabnews.com/energy/oil-rises-on-iran-war-uncertainty-after-trumps-republicans-face-election-rout-3009710
- cnbc.com: https://www.cnbc.com/2026/11/04/oil-us-midterm-election-results.html
- deccanherald.com: https://www.deccanherald.com/world/us/oil-rises-on-iran-war-uncertainty-after-trumps-republicans-face-election-rout-4207076
- stonex.com: https://www.stonex.com/en/insights/australian-dollar-slides-across-fx-majors-after-a-cautious-rba-hike/
- thedailystar.net: https://www.thedailystar.net/business/news/oil-rises-iran-war-uncertainty-after-trumps-republicans-face-election-rout-4315271

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