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Oil prices held near their lows in Asian trading after plunging more than 8% the previous session on Democratic victories in the US midterms. Brent settled at $94.62 and WTI at $88.12, both at their lowest since August 31.
Qatar has stepped up mediation between Washington and Tehran, though a diplomatic breakthrough remains uncertain.
A Democratic Congress could limit war funding and push a negotiated settlement, which would restore Gulf oil flows. Until flows recover, crude and diesel costs remain elevated for feed buyers.
investing.comAyushman OjhaNov 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.
