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Oil extended its declines in Asian trading after Democratic wins in the US midterm elections raised hopes of resolving the Middle East conflict. Both Brent and WTI had slumped more than 8% on Wednesday.
Trump acknowledged the Iran war contributed to Republican losses, and Vance blamed the war for the defeat.
Expectations of a Gulf de-escalation lower the crude price floor for energy costs in feed production and transport. Analysts warn that Iran's control of Hormuz still constrains flows, so the price path remains volatile.
marketwatch.comNov 5, 2026After 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.
After 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.
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.
