CommoditiesMediumUpdated•Originally published 4 November 2026•Updated 4 November 2026•
1 min read
Oil Losses Exceed 15% This Week as Brent and WTI Plunge Following US Elections
Key Facts
1Brent crude oil futures fell below $95 per barrel following the US midterm election results.
2Investors are assessing the likelihood of a Middle East peace deal as crude prices dropped sharply.
Oil prices plunged as West Texas Intermediate (WTI) dropped 7.5% to reach $88.88. Both major crude benchmarks have now lost more than 15% since the start of the week, while Brent crude continues to trade below the $95 per barrel threshold.
Quantum Commodity Intelligence reported that the decline follows the US midterm elections held on November 3, 2026, as investors weigh potential energy policy shifts and the likelihood of a Middle East peace deal. This price action occurred alongside the American Petroleum Institute (API) report on November 3, 2026, showing a 5.267 million barrel draw, and the EIA report on November 4, 2026, which indicated a weekly stock decrease of 0.865 million barrels.