# Oil holds steep losses after U.S. election fuels Iran peace hopes

> 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.

- Date: 2026-11-05 · published 2026-11-05T03:07:45.494Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/80987-oil-holds-steep-losses-after-u-s-election-fuels-iran-peace-hopes
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-04-10 | [Oil Eyes Large Weekly Loss Amid Fragile Iran Peace Hopes](https://feedsoft.ai/events/10139-oil-eyes-large-weekly-loss-amid-fragile-iran-peace-hopes.md) | +0.8% | -5.5% |
| BRENT | 2026-05-29 | [Oil prices log steepest weekly loss since April on potential US-Iran peace deal \| The National](https://feedsoft.ai/events/12723-oil-prices-log-steepest-weekly-loss-since-april-on-potential-us-iran-peace-deal.md) | +2.5% | -21.2% |
| BRENT | 2026-04-10 | [Oil ends lower ahead of U.S.-Iran ceasefire talks, posts steepest weekly loss since 2022 \| Reuters](https://feedsoft.ai/events/6898-oil-ends-lower-ahead-of-u-s-iran-ceasefire-talks-posts-steepest-weekly-loss.md) | +0.8% | -5.5% |
| BRENT | 2026-07-01 | [U.S. crude oil falls below $70, resuming losses after attack on cargo ship near Oman](https://feedsoft.ai/events/18993-u-s-crude-oil-falls-below-70-resuming-losses-after-attack-on-cargo-ship-near.md) | +1.8% | +18.3% |
| BRENT | 2018-07-11 | [Crude oil falls after US softens stance on Iranian sanction waivers - The HinduBusinessLine](https://feedsoft.ai/events/10097-crude-oil-falls-after-us-softens-stance-on-iranian-sanction-waivers-the.md) | -8.7% | -6.2% |
| WTI | 2026-04-10 | [Oil Eyes Large Weekly Loss Amid Fragile Iran Peace Hopes](https://feedsoft.ai/events/10139-oil-eyes-large-weekly-loss-amid-fragile-iran-peace-hopes.md) | -3.2% | -1.9% |
| WTI | 2026-05-29 | [Oil prices log steepest weekly loss since April on potential US-Iran peace deal \| The National](https://feedsoft.ai/events/12723-oil-prices-log-steepest-weekly-loss-since-april-on-potential-us-iran-peace-deal.md) | +4.6% | -23.5% |
| WTI | 2026-10-29 | [WTI Oil eases from highs on Iran peace hopes but remains above $100.00](https://feedsoft.ai/events/1442-wti-oil-eases-from-highs-on-iran-peace-hopes-but-remains-above-100-00.md) | -2.3% | — |

## Sources

- investing.com: https://www.investing.com/news/commodities-news/oil-holds-steep-losses-after-us-election-fuels-iran-peace-hopes-5001939

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