# US 'blue wave': Oil down 20%, while rand and JSE rally

> South African shares and the rand rose after a Democratic win in the US midterm elections raised hopes of an end to the US-Iran war. Brent crude fell below $100 a barrel for the first time in two months, down about 20% over the week and heading for its largest weekly loss since April 2020.

- Date: 2026-11-05 · published 2026-11-05T18:09:42.627Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/82122-us-blue-wave-oil-down-20-while-rand-and-jse-rally
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of a quicker end to the Iran conflict reduce the risk premium in crude and energy, which lowers diesel and fertilizer costs and eases pressure on feed production expenses. The rand's strength also changes import costs for South African feed buyers.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.5% | -0.8% |
| BRENT | 2019-09-18 | [Rand steadies as investors wait on US fed rates, stocks down - Moneyweb](https://feedsoft.ai/events/57365-rand-steadies-as-investors-wait-on-us-fed-rates-stocks-down-moneyweb.md) | -2.2% | -9.4% |
| BRENT | 2022-06-14 | [Oil prices settle down on fears of Fed and oil profit tax](https://feedsoft.ai/events/41135-oil-prices-settle-down-on-fears-of-fed-and-oil-profit-tax.md) | -7.7% | -11.5% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |
| WTI | 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) | -0.3% | +6.2% |
| WTI | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.4% | -1.7% |
| WTI | 2026-06-01 | [Corn, Wheat Continue to Fall with Crude Oil: Soybeans and Cattle Rally](https://feedsoft.ai/events/19274-corn-wheat-continue-to-fall-with-crude-oil-soybeans-and-cattle-rally.md) | +3.5% | -20.5% |

## Sources

- news24.com: https://www.news24.com/business/markets/currencies/us-blue-wave-oil-down-20-while-rand-and-jse-rally-20261105-0821

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