Oil prices set for weekly drop on Trump’s election rout

The National · Fareed Rahman · 2026-11-06 08:29 UTC

Brent on track to post 12 per cent loss for week

Oil prices fell on Friday and were on track to post a sharp weekly drop amid uncertainty over the Iran war, after US President Donald Trump’s Republican Party suffered heavy losses in this week’s midterm elections.

Middle East supply concerns continue to support oil prices as the regional conflict drags on.

Brent, the benchmark for two thirds of the world's oil, was down 1.57 per cent at $96.75 a barrel at 1.57pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was trading 1.47 per cent lower at $89.19 a barrel. Brent is on track to drop about 12 per cent for the week, while WTI is set for a weekly loss of about 12.1 per cent.

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