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Brent crude rose about 0.7% to $104.36 a barrel and WTI gained 0.7% to $96.72 on November 4, after Democrats won majorities in both houses of Congress. Traders are also tracking Iran war developments, including reported US strikes on Qeshm Island.
A GlobalData TS Lombard analysis expects a downward move toward $80 with a surge past $150 as a tail risk.
Ongoing Hormuz disruption keeps crude and tanker freight costs high, which feeds into diesel, fertiliser and feed transport costs. The price direction depends mainly on the Iran war outlook after the midterms.
finance.yahoo.comShree MishraNov 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.
