# Oil Prices Plunge More Than 8% on US Democrats' Landslide Victory

> 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.

- Date: 2026-11-04 · published 2026-11-05T00:07:50.658Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/80646-oil-prices-plunge-more-than-8-on-us-democrats-landslide-victory
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -18.9% | -8.3% |
| WTI | 2026-03-25 | [Crude Prices Fall More Than 2%](https://feedsoft.ai/events/11450-crude-prices-fall-more-than-2.md) | +10.2% | +1.3% |
| WTI | 2026-03-22 | [Oil prices plunge 11% on US-Iran talks to resolve hostilities in the Middle East \| Reuters](https://feedsoft.ai/events/8153-oil-prices-plunge-11-on-us-iran-talks-to-resolve-hostilities-in-the-middle-east.md) | +2.2% | -8.1% |
| WTI | 2026-05-05 | [Oil prices slide on reports US and Iran are nearing peace agreement \| Reuters](https://feedsoft.ai/events/9579-oil-prices-slide-on-reports-us-and-iran-are-nearing-peace-agreement-reuters.md) | -7.6% | -11.4% |
| WTI | 2026-04-17 | [Oil prices: Oil tumbles more than 10% as Iran declares Strait of Hormuz open](https://feedsoft.ai/events/8808-oil-prices-oil-tumbles-more-than-10-as-iran-declares-strait-of-hormuz-open.md) | +2.3% | +7.9% |
| BRENT | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -13.7% | -8.7% |
| BRENT | 2026-03-25 | [Crude Prices Fall More Than 2%](https://feedsoft.ai/events/11450-crude-prices-fall-more-than-2.md) | +15.0% | +1.0% |
| BRENT | 2026-03-22 | [Oil prices plunge 11% on US-Iran talks to resolve hostilities in the Middle East \| Reuters](https://feedsoft.ai/events/8153-oil-prices-plunge-11-on-us-iran-talks-to-resolve-hostilities-in-the-middle-east.md) | +1.5% | -13.8% |

## Sources

- asiae.co.kr: https://www.asiae.co.kr/en/article/2026110505240206841

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