CommoditiesMediumUpdated×4•Originally published 4 November 2026•Updated 5 November 2026•
1 min read
WTI Crude Drops to $86.40 as Republicans Lose Control of U.S. Congress
Key Facts
1West Texas Intermediate (WTI) crude plunged 9% on Wednesday, falling below $95 per barrel.
2Markets link the decline to the Democratic victory in the US midterm elections, raising hopes for an end to the conflict with Iran.
West Texas Intermediate (WTI) crude fell to $86.40 per barrel during the European session on Thursday, November 5, 2026. The price drop followed the Republican Party losing control of the U.S. Congress in the midterm elections, impacting market expectations for foreign and energy policy.
The commodity previously closed at $88.39 on November 4, 2026, marking its lowest settlement since August. Alongside the political shifts, the EIA Weekly Petroleum Report released on November 4 showed crude inventories decreased by 0.865 million barrels, contrasting with analyst expectations of a 0.9 million barrel increase.