Oil prices stabilized on November 5, 2026, following an 8% drop in the previous session. Investors are optimistic that a Democratic victory in the US midterm elections could speed up efforts to resolve the ongoing war in the Middle East. Brent oil, the global benchmark, hovered near $94 a barrel, while West Texas Intermediate (WTI) dipped toward $87 after its sharpest decline since May.
Vice President JD Vance attributed the Republican losses in the elections to voter dissatisfaction over the war and the US-Israel relationship. Senate Minority Leader Chuck Schumer, a Democrat, has vowed to work toward ending the conflict. The market reaction reflects hopes that political shifts could ease tensions and stabilize oil supplies.