Business
Oil Falls Below $100 as Democrats' Midterm Win Bolsters Hopes for US–Iran Deal
November 4, 2026 at 05:50 PM
Brent crude dropped below $100 a barrel Wednesday for the first time since October 7 after Democrats won control of Congress.
- Brent fell 4.6% to $98.80 a barrel, and WTI dropped 4.5% to $91.76, on Wednesday.
- Democrats won control of both chambers of Congress in the US midterm elections.
- Trump told the Financial Times the United States has no plans for an imminent strike on Iran.
- US crude inventories fell 5.27 million barrels in the week ending October 30, per American Petroleum Institute data.
Market angle
- Lower oil prices cut the selling prices of refined oil products. — may weigh on: Energy & support services
Not investment advice.