CommoditiesMedium•7 November 2026•
1 min read
Oil Prices Mark Steepest Weekly Decline Since Pandemic as Risk Premium Eases
Key Facts
1Brent crude ended the week with its largest weekly decline since the COVID-19 pandemic due to increased global supply.
2Expectations of a diplomatic approach by the Trump administration following midterm results reduced the Middle East risk premium.
Brent crude ended the week with its largest weekly decline since the COVID-19 pandemic due to increased global supply. Seeking Alpha reported that oil prices concluded the period with a double-digit percentage drop, marking the steepest weekly loss since the 2020 pandemic era.
Expectations that the administration of President Donald Trump will pursue diplomatic solutions following US midterm election results reduced the geopolitical risk premium in the Middle East. Increased oil flows from the Gulf contributed to a global glut, further weighing on price action during the week ending November 7, 2026.