CommoditiesMedium•5 November 2026•
1 min read
Oil Prices Slump Following Democratic Midterm Sweep
Key Facts
1Brent crude fell to $94.30 per barrel after dropping 9% on Wednesday.
2WTI crude shed 8% to trade at $87.35 per barrel.
3The S&P Energy index fell 4.77% on expectations of shifts in U.S. foreign policy.
Brent crude fell to $94.30 per barrel after dropping 9% on Wednesday, Oilprice.com reported. WTI crude also shed 8% to trade at $87.35 per barrel following the Democratic Party's sweep of both houses of the U.S. Congress in the midterm elections.
The S&P Energy index fell 4.77% as investors anticipate shifts in U.S. foreign and energy policies, alongside potential de-escalation in the Middle East. According to Oilprice.com, markets are reacting to expectations that the new political landscape could lead to restrictions on data center construction, impacting long-term natural gas demand projections.