Oil on pace for sharp weekly drop amid post-midterms hopes for Iran war detente

Investing.com · Scott Kanowsky · 2026-11-06 00:55 UTC

Oil on pace for sharp weekly drop amid post-midterms hopes for Iran war detente

Investing.com - Oil prices were on pace for sharp weekly declines on Friday, as investors assessed the implications of Democrats’ midterm election victory on hopes for de-escalation to the U.S.-Israel war with Iran. Get premium commodity market insights with InvestingPro -- at 55% off now

In choppy trading, Brent crude futures contract -- the global benchmark -- was last down by 1.3% at $97.06 a barrel, while U.S. West Texas Intermediate crude futures had fallen by 1.2% to $89.54 a barrel.

The Brent contract was heading for a one-week fall of more than 17%, putting it on track for the biggest weekly percentage drop since the beginning of the COVID-19 pandemic in 2020. According to LSEG data cited by Reuters, it would also be the biggest dip in absolute terms since 1988.

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