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Brent traded near $94.30 and WTI near $87.35 after dropping about 9% and 8% on Wednesday following the Democratic majorities in both houses of Congress. The S&P Energy index fell about 4.8% as investors priced in a possible shift in US foreign and energy policy.
Analysts warned that the election could also push Trump toward escalation with Iran.
Market expectations of a US-Iran de-escalation are pulling crude and energy equities lower, which eases input costs for feed producers. The outcome remains uncertain, so a renewed escalation could reverse the decline quickly.
oilprice.comIrina SlavNov 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.
