Loading…
Brent settled at $94.60 a barrel on November 4, down 8.7% from the previous session, and WTI closed at about $88.12, down 8.3%. The drop followed the Democratic gain in US midterm elections, which investors saw as raising the chances of ending the US-Israeli war with Iran.
The fall reflects a lower expected chance of disruption to Gulf oil supply, which reduces energy costs across feed production and transport. The price effect is bearish for crude and any commodities that trade with energy costs.
asiae.co.krCha MinyoungNov 4, 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.
Watch the 34-second version · Oil falls more than 8% as midterms lift Iran war exit hopes
