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Latest Oil Market News and Analysis for Nov. 5

Bloomberg Markets Wednesday 04 November 2026, 23:08 UTC By Kanoko Matsuyama and Lorelei Smillie 1 min read
Key Points

Oil Steadies After 8% Plunge on Hopes for End to US-Iran War Oil steadied after tumbling around 8% in the previous session as investors bet that a Democratic sweep in the US midterm elections could accelerate efforts to end the months-long Iran war. West Texas Intermediate traded near $88 a barrel after posting the biggest loss since May on Wednesday. Brent closed near $95.

Oil Steadies After 8% Plunge on Hopes for End to US-Iran War Oil steadied after tumbling around 8% in the previous session as investors bet that a Democratic sweep in the US midterm elections could accelerate efforts to end the months-long Iran war. West Texas Intermediate traded near $88 a barrel after posting the biggest loss since May on Wednesday. Brent closed near $95. Vice President JD Vance said voter frustration over the war and the US-Israel relationship doomed Republicans in the elections. Senate Minority Leader Chuck Schumer, a Democrat, pledged to end the conflict, now in its ninth month.
Latest Oil Market News (ORG) US (LOCATION) Iran War Oil (EVENT) Democratic (ORG) Iran (LOCATION) Brent (PERSON) JD Vance (PERSON) Israel (LOCATION) Republicans (ORG) Senate (ORG) Chuck Schumer (PERSON) Democrat (ORG)
Originally published by Bloomberg Markets Read original →

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