Oil Prices Plunge as U.S. Elections Shake Up the Iran War

OilPrice.com · Editorial Dept · 2026-11-06 12:30 UTC

WTI crude is heading for a steep weekly loss as Democratic election victories fuel hopes of easing tensions with Iran and recovering Gulf oil supplies outweigh bullish U.S. inventory data.

December WTI crude oil is headed for one of its roughest weekly losses in months after the market shed $11.37, or 11.10%, from its opening price of $102.39. Prices posted a weekly high at $102.75 before breaking sharply to $86.65. Early Friday, the contract was trading near $91.58, still down heavily for the week.

The decline was not driven by a sudden collapse in demand or a surprise rise in inventories. Traders began stripping out a portion of the war premium that lifted prices toward the October highs as U.S. midterm results raised hopes for a quicker end to the conflict with Iran.

Election Results Triggered the Break

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