CommoditiesMediumUpdated×3•Originally published 5 November 2026•Updated 5 November 2026•
1 min read
Oil Prices Plunge 16% This Week as Full-Scale Iran Assault Seen Less Likely
Key Facts
1Crude oil prices plunged 10% in intraday trading, with Brent crude falling below $95 per barrel.
2Markets link the decline to US midterm election results raising hopes for an end to the military conflict with Iran.
Oil prices have dropped nearly 16% this week following reports suggesting that a full-scale military assault on Iran now appears less likely. Gulf government sources indicated that the probability of a major escalation has diminished, significantly reducing the geopolitical risk premium in energy markets.
Brent crude was priced at $93.65 per barrel while WTI declined to $86.98 per barrel on November 5, 2026. NDTV Profit reported that the U.S. midterm election results bolstered expectations for diplomatic de-escalation, outweighing API data from November 3, 2026, which showed a crude inventory draw of 5.267 million barrels.