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

By Editorial Dept - Nov 06, 2026, 6:30 AM CST 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 BreakThe sharpest part of the sell-off came after Democrats regained control of Congress. The result increased expectations for political gridlock in Washington and raised the possibility that a Democratic Congress will press the White House to wind down the war.High gasoline prices had become a major political issue. Vice President JD Vance blamed the conflict for Republican losses, while President Trump indicated there were no immediate plans for new strikes against Iran. The market interpreted those developments as reducing the odds of another major escalation.That was enough to encourage aggressive profit-taking. WTI had been supported for months by the threat of supply disruptions through the Strait of Hormuz, but traders no longer wanted to hold as much risk premium if the political path was moving toward de-escalation.The… COMMUNITY MEMBERSHIP (FREE) GLOBAL ENERGY ALERT ($697 $279 PER YEAR) Breaking energy stories before they hit the mainstream media Top quality analysis from industry veterans Exclusive investment opportunities Digestible data breakdowns Geopolitical insights from our network of over 600 operatives Risk-free 30-day money back guarantee