EL7.AI
CommoditiesMedium•3 November 2026•
1 min read

Oil Prices Surge and Global Markets Volatile Amid Iran Tensions and US Midterms

Key Facts

1WTI crude oil rose 2.14% to $98.50 following US strikes on Iran's Qeshm Island.
2Swiss inflation surprised to the upside at 1.5% in October, driven by energy prices.
3Apple's earnings beat failed to lift tech shares as markets remain cautious ahead of US midterms.

WTI crude oil prices rose 2.14% to $98.50 per barrel following US military strikes on Iran's Qeshm Island, investinglive.com reported. In Switzerland, inflation recorded a surprise increase to 1.5% in October, driven by higher energy costs. According to analyst reports, Apple's strong earnings beat failed to lift technology shares, which remain under pressure ahead of the US midterm elections.

Apple closed at $338.32 on November 2, 2026, while peer technology stocks showed mixed performance as Microsoft closed at $507.12 and META closed at $606.73 on the same date. These market movements occur as traders focus on the US midterm elections starting November 3, 2026, with risk-off sentiment prevailing due to geopolitical escalations in the Middle East.

The economic calendar for today, November 3, 2026, includes the release of JOLTs Job Openings and the API Crude Oil Stock Change report. Investors are also looking toward the EIA Weekly Petroleum Report scheduled for November 4, 2026, which may provide further direction for energy markets amid ongoing tensions.

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