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Oil prices were on track for their biggest weekly drop since the pandemic, with Brent down almost 10% on November 5 and about 20% for the week. The decline followed the Republican midterm defeat, after Vice President JD Vance linked the Iran war to the losses.
Markets are removing the Iran war risk premium from crude, which lowers energy costs for feed producers and importers. If US re-escalation is seen as politically costly, the downward pressure on energy-linked feed input costs could persist.
marketscreener.comReutersNov 5, 2026After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
Watch the 34-second version · Oil posts its biggest weekly drop since COVID: what it means for feed