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Brent fell below $95 and is down about 16% for the week after the Democratic midterm sweep raised hopes of a US-Iran de-escalation. Brent traded near $94.50 and WTI near $88.
Vance attributed the Republican losses to the war with Iran.
A weekly drop of this size lowers crude costs that feed into diesel, fertilizer and freight, but the price is still high relative to pre-war levels. Renewed escalation could reverse the move.
ndtvprofit.comTanmay TiwaryNov 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.
