Oil drops to $95 as US election win boosts hopes for Iran war end

Oil prices fell to a two-month low after the Democratic Party's victory in the US midterm elections, with Brent crude dropping nearly 9% to about $95 per barrel on November 5. The result intensified pressure on Donald Trump to end the war with Iran. West Texas Intermediate also fell over 8% to $88 per barrel, with weekly losses near 15%. Traders cited optimism over potential conflict resolution, which had disrupted Gulf oil exports, while Vice President JD Vance acknowledged voters' demand to "end the war." Cheaper oil reduces fuel costs for Ukraine and lowers Russia's budget revenues from oil exports. Bond yields fell sharply in the UK and France, though prices remain about 1.5 times higher than before the Iran war began in early 2026.