CommoditiesMediumUpdated•Originally published 4 November 2026•Updated 4 November 2026•
1 min read
WTI Crude Slumps to $88.92 as Political Pressure Mounts After Elections
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 prices dropped to $88.92 per barrel on Wednesday, November 4, 2026. JD Vance attributed the Republican Party's election losses to the conflict with Iran, fueling market expectations for a shift in foreign policy.
The price decline follows the breach of the $95 level earlier the same day. Amidst these political shifts, the EIA Weekly Petroleum Report released on November 4, 2026, confirmed a crude oil stock decrease of 0.865 million barrels, contrasting with forecasted growth of 0.9 million barrels.