{
  "id": 18223329,
  "title": "Oil prices fall over 8pc",
  "url": "https://urgent.news/2026/11/05/oil-prices-fall-over-8pc",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T01:20:09.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447502/oil-prices-fall-over-8pc"
  },
  "original_language": "en",
  "account": "Oil prices plummeted 8 percent on Wednesday, reaching their lowest level in over two months, following the Republican Party's loss of control over Congress in the midterm elections. Brent futures settled at $94.62 a barrel, down 8.7 percent from $94.62, while US West Texas Intermediate crude futures dropped 8.3 percent to $88.12. Both benchmarks closed at their weakest point since August 31. President Donald Trump now faces a decision between a hasty escalation or a negotiated resolution, as a weakened Trump with a Democratic Congress has more incentive to seek a deal.\n\nGulf analysts suggest that a full-scale assault on Iran is less likely, while an agreement that benefits Iran and displays Trump in a weak light could provoke recklessness. Trump acknowledged during an interview with the Financial Times that the Iran war contributed to his party's electoral loss, as Democrats gained control of both the House of Representatives and the Senate.\n\nSenior Vice President of trading at BOK Financial, Dennis Kissler, noted that larger crude oil exports out of the Middle East, coupled with Trump's assertion that he has no immediate plans to strike Iran, is increasing pressure on oil prices. Meanwhile, Iran's Supreme Leader Ayatollah Khamenei vowed that US hostility would persist under any party in power.\n\nQatar is striving to prevent further escalation, and Iran has yet to reach a deal to end the ongoing war with the United States. A senior Iranian official told Reuters that Iran and the US are far from a resolution, expressing concern that an escalation might occur sooner rather than a resolution. The United Arab Emirates is contemplating the construction of a third oil pipeline to minimize reliance on the Strait of Hormuz. In the US, crude, gasoline, and distillate inventories declined last week, according to the Energy Information Administration. Crude inventories fell by 865,000 barrels to 409.8 million barrels, contrasting with analysts' expectations of a 877,000-barrel increase.",
  "summary": "HOUSTON: Oil prices fell more than 8 percent to settle at their lowest in more than two months on Wednesday after President Donald Trump’s Republican Party lost control of Congress in midterm elections, as investors bet that the shift in power could hasten the end of the US-Israeli war with Iran. Brent futures settled USD8.98, or 8.7 percent lower, at USD94.62 a barrel, while US West Texas…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}