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After US midterm voting and South African local elections, markets swung sharply as investors reassessed political outcomes and their potential implications. US stocks initially rallied and the rand gained more than 1%, before US equities reversed; oil also fell amid hopes of reduced escalation in the Iran conflict.
The election-driven shift in risk sentiment and lower geopolitical risk expectations weighed on oil, potentially easing energy and freight costs for feed supply chains. Rand appreciation can also reduce the local-currency cost of imported commodities for South African buyers.
zarmarkettrends.comNov 6, 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.
