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Oil prices fell for a fourth straight session after US midterm results raised the possibility of less military escalation in the US-Israeli war on Iran. Brent declined to $93.65 and WTI to $86.98.
Two Gulf-linked sources said a full-scale assault on Iran looks less likely.
Lower escalation expectations reduce the crude risk premium, which eases energy costs for feed production. Supply through Hormuz remains constrained, so a sharp rebound is possible if talks fail.
businesstoday.com.myNov 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.
