CommoditiesMedium•4 November 2026•
1 min read
Oil Prices Set for Largest Weekly Drop Since 2020 on US Election Results
Key Facts
1Oil prices are on track for their largest one-week decline since 2020 following US midterm election results.
Oil prices are on track for their largest one-week decline since 2020 following the US midterm election results. MarketWatch reported that prices continued their sharp decline on Wednesday as the market processed the Democratic sweep and its implications for Iran policy.
The Democratic control of Congress is viewed as a catalyst for shifting the approach toward Iran, increasing hopes for de-escalation and reducing the geopolitical risk premium in crude prices. This price action occurred alongside data from November 4, 2026, showing a 0.865 million barrel decrease in US crude inventories according to the EIA Weekly Petroleum Report.