# Oil slumps after midterm election rebuke to Trump raises bets on Iran war exit

> Oil prices fell more than 8% to their lowest in over two months after Trump's Republican Party lost control of Congress in the midterm elections. Brent settled at $94.62 and WTI at $88.12, as investors bet a Democratic Congress could hasten an end to the US-Israeli war with Iran.

- Date: 2026-11-04 · published 2026-11-05T00:07:56.580Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/80647-oil-slumps-after-midterm-election-rebuke-to-trump-raises-bets-on-iran-war-exit
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Lower crude lowers diesel and energy costs for feed production, freight and fertiliser, and eases pressure on biofuel-linked demand for oilseeds. The price effect hinges on whether a negotiated exit actually materialises.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-23 | [Oil sinks after Trump postpones strikes on Iranian plants](https://feedsoft.ai/events/8157-oil-sinks-after-trump-postpones-strikes-on-iranian-plants.md) | +1.5% | -13.8% |
| BRENT | 2026-03-24 | [Traders bet $500 million on oil price just before Trump's post on delay to Iran attack \| Reuters](https://feedsoft.ai/events/8154-traders-bet-500-million-on-oil-price-just-before-trump-s-post-on-delay-to-iran.md) | +15.1% | +0.4% |
| BRENT | 2026-03-10 | [Oil dives, settles down 11% after Trump predicts Middle East de-escalation \| Reuters](https://feedsoft.ai/events/6628-oil-dives-settles-down-11-after-trump-predicts-middle-east-de-escalation-reuters.md) | +4.1% | +27.2% |
| BRENT | 2026-03-23 | [Brent Oil Futures Drop 14% After Trump Delays Strikes on Iran - Bloomberg](https://feedsoft.ai/events/8152-brent-oil-futures-drop-14-after-trump-delays-strikes-on-iran-bloomberg.md) | +1.5% | -13.8% |
| BRENT | 2026-03-23 | [Oil Prices Fall More Than 10% After Trump Postpones Iran Strikes](https://feedsoft.ai/events/11451-oil-prices-fall-more-than-10-after-trump-postpones-iran-strikes.md) | +1.5% | -13.8% |
| WTI | 2026-03-23 | [Oil sinks after Trump postpones strikes on Iranian plants](https://feedsoft.ai/events/8157-oil-sinks-after-trump-postpones-strikes-on-iranian-plants.md) | +2.2% | -8.1% |
| WTI | 2026-03-10 | [Oil dives, settles down 11% after Trump predicts Middle East de-escalation \| Reuters](https://feedsoft.ai/events/6628-oil-dives-settles-down-11-after-trump-predicts-middle-east-de-escalation-reuters.md) | -1.3% | +20.4% |
| WTI | 2026-03-23 | [Brent Oil Futures Drop 14% After Trump Delays Strikes on Iran - Bloomberg](https://feedsoft.ai/events/8152-brent-oil-futures-drop-14-after-trump-delays-strikes-on-iran-bloomberg.md) | +2.2% | -8.1% |

## Sources

- gmanetwork.com: https://www.gmanetwork.com/news/money/economy/1008333/oil-slumps-after-midterm-election-rebuke-to-trump-raises-bets-on-iran-war-exit/story/

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