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WTI traded near $86.40 in early European trade on Thursday after Republicans lost control of Congress. Trump said Washington had no immediate plans to strike Iran and acknowledged the war contributed to his party's defeat.
EIA data showed US crude stocks fell by 865,000 barrels in the week to October 30, a smaller draw than the prior week.
Reduced expectations of renewed strikes are weighing on WTI, while the smaller stock draw limits the downside. Crude costs flow through to diesel, freight and fertiliser prices for feed buyers.
fxstreet.comLallalit SrijandornNov 5, 2026After 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.
