# Midterms fallout sees oil prices face biggest weekly drop since COVID

> 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.

- Date: 2026-11-05 · published 2026-11-05T15:07:39.982Z
- Category: macro · region US · magnitude high
- Page: https://feedsoft.ai/events/81909-midterms-fallout-sees-oil-prices-face-biggest-weekly-drop-since-covid
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +1.6% | +17.5% |
| BRENT | 2021-08-31 | [Oil prices near biggest monthly loss since October before OPEC meets](https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets.md) | -0.4% | +8.7% |
| BRENT | 2021-03-19 | [Oil prices post deepest weekly loss since October, yet banks remain bullish](https://feedsoft.ai/events/6204-oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish.md) | -1.8% | +5.9% |
| BRENT | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.9% | +5.5% |
| BRENT | 2020-09-21 | [Oil Prices Fall Amid Broad Selloff \| Rigzone](https://feedsoft.ai/events/10536-oil-prices-fall-amid-broad-selloff-rigzone.md) | -2.9% | -1.2% |
| WTI | 2021-04-21 | [Canadian dollar sees biggest drop in nearly 2 months as oil falls](https://feedsoft.ai/events/47853-canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls.md) | +0.7% | +4.7% |
| WTI | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +2.4% | +21.0% |
| WTI | 2021-08-31 | [Oil prices near biggest monthly loss since October before OPEC meets](https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets.md) | -1.2% | +8.9% |

## Sources

- marketscreener.com: https://www.marketscreener.com/news/midterms-fallout-sees-oil-prices-face-biggest-weekly-drop-since-covid-ce785fdcdf8af22c

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