Oil swings after US midterms as traders weigh Iran war and Hormuz disruption
Brent crude fell 8.7% on 4 November on hopes the election result would speed an end to the war with Iran, then rose back towards $100 a barrel after new tanker attacks.
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In this story
Oil prices have swung sharply this week as traders tried to judge how the results of the 3 November US midterm elections will affect the US-Israeli war with Iran, now in its ninth month, and the disruption to shipping through the Strait of Hormuz.
How this story was sourced.
12 sources from 9 organisations, 4 of them official or primary documents.
Official and primary documents 4
The body that made the decision, the paper, or the organisation’s own release.
- US Energy Information Administration Gasoline and diesel fuel update eia.gov
- US Department of Energy Energy Department awards contracts from Northeast Home Heating Oil Reserve energy.gov
- Bank of England Monetary Policy Summary and minutes, November 2026 bankofengland.co.uk
- Office for Budget Responsibility Economic and fiscal outlook, October 2026 obr.uk
News organisations 8
Reports by other newsrooms. Where a story was carried by another outlet, both are named.
- Reuters via SRN News Oil set for sharp weekly drop but Middle East supply concerns provide floor srnnews.com
- CNBC Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war cnbc.com
- CNBC Oil price today, Brent, WTI (6 November 2026) cnbc.com
- Fox News Trump vows to veto 'insane' Democratic bills after midterm losses foxnews.com
- CBS News Vance blames Iran conflict for GOP midterm defeats cbsnews.com
- Reuters via Yahoo Finance UK Gulf oil flows dip in October from post-Iran war high, data shows uk.finance.yahoo.com
- CNBC OPEC+ keeps December oil output targets steady ahead of tougher call for 2027 cnbc.com
- The National Opec+ holds December oil output targets steady as Iran war disrupts supply thenationalnews.com
The sources as the story lists them
Sources
- Reuters (via SRN News): Oil set for sharp weekly drop but Middle East supply concerns provide floor
- CNBC: Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war
- CNBC: Oil price today, Brent, WTI (6 November 2026)
- Fox News: Trump vows to veto 'insane' Democratic bills after midterm losses
- CBS News: Vance blames Iran conflict for GOP midterm defeats
- Reuters (via Yahoo Finance UK): Gulf oil flows dip in October from post-Iran war high, data shows
- US Energy Information Administration: Gasoline and diesel fuel update
- US Department of Energy: Energy Department awards contracts from Northeast Home Heating Oil Reserve
- CNBC: OPEC+ keeps December oil output targets steady ahead of tougher call for 2027
- The National: Opec+ holds December oil output targets steady as Iran war disrupts supply
- Bank of England: Monetary Policy Summary and minutes, November 2026
- Office for Budget Responsibility: Economic and fiscal outlook, October 2026
The story so far. More on Energy, Markets and Middle East.
- US tech stocks lose more than $2 trillion as investors weigh Democratic wins on AI The Nasdaq Composite fell 5.5% on 5 November 2026, its worst day since April 2025, as chipmakers led a sell-off driven by fears that a Democratic Congress will slow the data-centre build-out behind the AI boom.
- Wall Street has its worst day since April 2025 as chip stocks lead a post-election sell-off The Nasdaq Composite fell 5.5% on Thursday 5 November and entered a correction as AI and semiconductor shares tumbled, and the selling spread to Asian markets on Friday.
- Eisenkot leads Netanyahu in recommendations as Herzog weighs who forms Israel's government Opposition leader Gadi Eisenkot finished President Isaac Herzog's consultations with 67 recommendations to Benjamin Netanyahu's 46, after the ultra-Orthodox United Torah Judaism declined to back the prime minister. Herzog has said he will name a candidate to form a government on Sunday.
- Iranian official says Tehran sent the US a nuclear proposal via Qatar as Iran reports tanker fires in Hormuz A senior Iranian official, speaking anonymously to Reuters on Thursday 5 November, said Tehran had passed a nuclear proposal to Washington through Qatar but would discuss it only once the US meets seven demands. Neither the US nor Qatar has confirmed it. The same day, Iranian forces said several tankers caught fire in the Strait of Hormuz.
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