CommoditiesMedium•5 November 2026•
1 min read
Oil Prices Rebound as Markets Reassess Geopolitical De-escalation Hopes
Key Facts
1Brent crude prices surged 3.58% to $98.01 per barrel following a sharp selloff on Wednesday.
2WTI crude rose 2.51% to $90.33 per barrel as traders reassessed the impact of US midterm results.
Brent crude prices surged 3.58% to $98.01 per barrel following a sharp selloff on Wednesday. Oilprice.com reported that WTI crude also rose 2.51% to $90.33 per barrel as traders reassessed the impact of the US midterm election results on global energy markets.
The rebound reflects growing skepticism among market participants regarding a swift resolution to the US-Iran conflict despite the Democratic win in the US House of Representatives. This price action follows data from November 3, 2026, which showed a significant decrease of 5.267 million barrels in US crude oil stocks according to the American Petroleum Institute (API).