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Oil prices fell on Friday and Brent and WTI were each on track for weekly losses of about 12%. Markets interpreted the Republican losses in the US midterm elections as increasing the chances of de-escalation in the Iran war, although Middle East supply concerns persisted.
The prospect of reduced conflict-related risk could allow more crude exports from the region, weighing on oil prices. Continuing supply threats could limit the decline.
thenationalnews.comFareed RahmanNov 6, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 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.
