CommoditiesMedium•5 November 2026•
1 min read
Oil Prices Plunge 9% Following Democratic Victory in US Midterm Elections
Key Facts
1WTI crude plunged 9% to fall below $95 per barrel following the Democratic victory in the US midterm elections.
2Markets link the oil decline to expectations of increased pressure to end the military conflict with Iran and boost Gulf peace prospects.
WTI crude plunged 9% to fall below $95 per barrel following the Democratic victory in the US midterm elections. The National reported that markets linked the decline to expectations of increased pressure to end the military conflict with Iran and boost Gulf peace prospects.
The oil sell-off coincided with a rally in Asian equities as investors priced in a reduction of the geopolitical risk premium. This price action occurred despite data from November 3, 2026, showing a decrease of 5.267 million barrels in API crude oil stocks, as political developments took precedence over inventory levels.