Brent oil futures tumbled 10% on November 4, 2026, dropping below $100 a barrel as traders reacted to the US midterm election results. The Democratic sweep led investors to speculate that the Iran conflict, which has disrupted global energy markets for months, could end sooner than expected. The global benchmark briefly hit a low of $93.22 before settling at its lowest level since August 31.
West Texas Intermediate (WTI) also saw a significant decline, plunging 8.3% to close near $88 a barrel. This marked the largest single-day drop for WTI since May. The election was widely viewed as a vote on affordability and the unpopular war, influencing market sentiment.
The sharp declines reflected traders' bets that a change in US political leadership could alter the trajectory of the Iran conflict, potentially easing supply constraints and reducing oil prices. The market's reaction underscored the sensitivity of energy prices to geopolitical developments and domestic political shifts.