# WTI slumps below $86.50 as midterm elections fuel hope for an end to Iran war

> 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.

- Date: 2026-11-05 · published 2026-11-05T09:07:51.704Z
- Category: geopolitics · region US · magnitude medium
- Page: https://feedsoft.ai/events/81445-wti-slumps-below-86-50-as-midterm-elections-fuel-hope-for-an-end-to-iran-war
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-01 | [Grain, Oilseed Prices Fall as Traders Look for End to Iran War - Bloomberg](https://feedsoft.ai/events/19762-grain-oilseed-prices-fall-as-traders-look-for-end-to-iran-war-bloomberg.md) | -6.6% | +6.7% |
| WTI | 2024-04-18 | [Crude oil prices today: WTI falls below $83 as war fear eases](https://feedsoft.ai/events/30929-crude-oil-prices-today-wti-falls-below-83-as-war-fear-eases.md) | +0.5% | -4.3% |
| WTI | 2024-09-03 | [Oil slumps about 5% as end to Libyan dispute in sight](https://feedsoft.ai/events/11564-oil-slumps-about-5-as-end-to-libyan-dispute-in-sight.md) | -6.6% | -7.6% |
| 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 | 2026-04-08 | [The Commodities Feed: Oil slumps below $100 after US, Iran agree to two-week ceasefire \| ING THINK](https://feedsoft.ai/events/10459-the-commodities-feed-oil-slumps-below-100-after-us-iran-agree-to-two-week.md) | -18.9% | -8.3% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/wti-slumps-below-8650-as-midterm-elections-fuel-hope-for-an-end-to-iran-war-202611050640

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