# Oil climbs amid US midterm results and Middle East tensions

> 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.

- Date: 2026-11-04 · published 2026-11-04T12:07:20.251Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/79593-oil-climbs-amid-us-midterm-results-and-middle-east-tensions
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- finance.yahoo.com: https://finance.yahoo.com/news/oil-climbs-amid-us-midterm-110920074.html

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