# Brent crude slips below $94 after 16% weekly crash as US midterm results raise Iran peace hopes

> Brent crude futures fell about 1% to $93.65 a barrel and WTI to $86.98 after both benchmarks dropped more than 8% in the previous session. Prices fell nearly 16% over the week as investors bet Democrats' midterm gains would limit Trump's ability to escalate the war with Iran. Crude shipments through the Strait of Hormuz have recovered to close to pre-war levels.

- Date: 2026-11-05 · published 2026-11-05T06:07:03.249Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/81133-brent-crude-slips-below-94-after-16-weekly-crash-as-us-midterm-results-raise
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower crude prices reduce input costs for diesel, freight and fertilizer, which eases pressure on feed production costs. The fall reflects a shrinking war risk premium, so prices could rebound quickly if talks stall.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-10-29 | [Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/254-brent-crude-falls-below-115-wti-near-101-as-us-iran-peace-hopes-offset-fears-of.md) | -5.4% | — |
| BRENT | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | -2.3% | -11.1% |
| BRENT | 2026-10-29 | [Crude oil futures fall as US seeks to revive Iran peace talks - The HinduBusinessLine](https://feedsoft.ai/events/255-crude-oil-futures-fall-as-us-seeks-to-revive-iran-peace-talks-the.md) | -5.4% | — |
| 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 | 2021-10-27 | [Oil Slumps as Iran Nuclear Talks Resurface, US Crude Stocks Rise By Investing.com](https://feedsoft.ai/events/44720-oil-slumps-as-iran-nuclear-talks-resurface-us-crude-stocks-rise-by-investing-com.md) | -1.4% | -3.4% |
| WTI | 2026-10-29 | [Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/254-brent-crude-falls-below-115-wti-near-101-as-us-iran-peace-hopes-offset-fears-of.md) | -2.3% | — |
| WTI | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +0.0% | -5.8% |
| WTI | 2026-10-29 | [Crude oil futures fall as US seeks to revive Iran peace talks - The HinduBusinessLine](https://feedsoft.ai/events/255-crude-oil-futures-fall-as-us-seeks-to-revive-iran-peace-talks-the.md) | -2.3% | — |

## Sources

- moneycontrol.com: https://www.moneycontrol.com/news/business/commodities/brent-crude-slips-below-94-after-16-weekly-crash-as-us-midterm-results-raise-iran-peace-hopes-14070831.html

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