November 5, 2026
Global oil prices witnessed a sharp decline, falling below the $100 barrier per barrel, affected by the Democratic Party’s victory in the majority in the US House of Representatives and Senate, in an electoral setback for President Donald Trump and his Republican Party.
The price of a barrel of Brent North Sea crude (January delivery) decreased by 8.98% to reach $94.30, while US West Texas Intermediate crude (December delivery) declined by 7.93% to reach $88.47 per barrel. Thus, Brent crude oil has lost more than 20% of its value compared to last Friday’s close.
This decline comes amid growing optimism in the markets about the possibility of achieving diplomatic progress to end the war with Iran, dispelling fears that have persisted for weeks about the possibility of a new military escalation in the Middle East. Investors are betting that the Republicans’ loss of control of Congress will push the US administration towards a political settlement, in response to internal pressures resulting from the war and high energy prices.
In the same context, President Donald Trump acknowledged that the Iranian issue was one of the factors influencing the election results, considering that the repercussions of the rise in oil prices played a greater role in the decline in support for Republicans than the war itself.
In light of the continuing diplomatic efforts and caution against any renewed military escalation in the region, the markets remain awaiting the next steps that the US administration will take regarding the Iranian file.
