EL7.AI
CommoditiesMediumUpdated×2•Originally published 4 November 2026•Updated 4 November 2026•
1 min read

Brent crude crashes 8.6% to $94.66 as markets price in U.S. election results

Key Facts

1Brent settled at $103.60 a barrel on November 3, down 1.1% from Monday.
2Brent topped $107 a barrel overnight, then briefly fell below $101 on the morning of November 3.
3The Qatari delegation’s meeting in Tehran lasted about three hours on November 2.
4The Energy Information Administration will release data for the week ended November 6 on November 12, 2026, at 12:00 p.m. Eastern Time.

Brent crude prices crashed 8.6% to $94.66 per barrel, hitting their lowest level since September 2026. The massive decline occurred as traders began pricing in a potential end to the conflict with Iran following the U.S. midterm election results.

The Associated Press reported that Democrats won control of both the House and the Senate, a result the administration linked to the ongoing conflict. Brent was trading at significantly higher levels in the previous session before the political clarity in Washington triggered a sharp sell-off.

Market participants are now awaiting the U.S. Energy Information Administration (EIA) inventory report, scheduled for release on Thursday, November 12, 2026, at 12:00 p.m. ET. The release was delayed from its usual schedule due to the Veterans Day holiday, and traders will look to the data to assess the global supply-demand balance.

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