CommoditiesMediumUpdated•Originally published 5 November 2026•Updated 5 November 2026•
1 min read
Crude Oil Prices Settle Higher as Gulf Maritime Tensions Escalate
Key Facts
1WTI crude oil prices tested technical support at the 200-day moving average near $86.66 before bouncing back.
2US midterm election results and a Democratic victory have boosted hopes for an end to the war against Iran.
3Crude is currently trading around $89.26, up 1.3% after a sharp 8% decline in the previous session.
WTI crude oil prices settled at $90.52, marking a 2.72% increase. The price rise followed reports of maritime security incidents involving at least five vessels in the Gulf since Sunday.
These developments shifted market focus back to supply risks, offsetting earlier hopes for diplomatic de-escalation. Crude had previously rebounded from technical support at the 200-day moving average near $86.66, having traded around the $89.26 level earlier in the session.