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Brent and WTI settled more than 8% lower on Wednesday, at their lowest since August 31, after Republicans lost control of Congress in the midterms. Investors bet that a Democratic Congress would constrain Trump's military options and speed a negotiated end to the US-Israeli war with Iran.
A possible faster end to the war removes a large supply-risk premium from crude. Lower oil reduces transport and processing costs along the feed chain, while easing pressure on biofuel-linked demand for vegetable oils.
klsescreener.comNov 5, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
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.
