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Oil prices rose on November 4 as investors watched the Iran war and weighed Trump's next move after Democrats won control of Congress. Brent gained 0.7% to $104.36 and WTI rose 0.7% to $96.72, after US crude stocks fell 5.27 million barrels, far more than forecast.
The larger-than-expected US crude inventory draw supports prices alongside Hormuz supply risk, which lifts energy and freight costs for feed buyers. Mixed signals from Washington limit conviction, so the move is modest.
straitstimes.comNov 4, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
