CommoditiesMedium•4 November 2026•
1 min read
Oil Prices Plunge and Gold Rallies Following US Midterm Election Results
Key Facts
1Brent crude prices dropped 8.8% to $94.47 a barrel as markets assessed election implications for the war in Iran.
2Gold prices climbed more than 3% supported by a weaker dollar and shifting Federal Reserve policy expectations.
3Tesla and SpaceX shares fell due to concerns over political and regulatory risks following Democratic victories.
Brent crude prices dropped 8.8% to $94.47 a barrel, according to Invezz, as markets assessed the implications of the US midterm election results on the conflict in Iran. Conversely, gold prices climbed more than 3% supported by a weaker dollar and shifting Federal Reserve policy expectations, which bolstered the metal's safe-haven appeal.
Technology equities showed mixed performance, with TSLA trading at $386.16 on November 4, 2026, and GOOGL trading at $291.11 on the same date. SPCX closed at $141.31 on November 3, 2026, amid concerns over political and regulatory risks following Democratic victories, while other major peers such as META and MSFT were trading at $637.84 and $556.07 respectively during the November 4, 2026 session.