Oil prices dropped sharply, with Brent falling over 9% and WTI over 8%, following the US midterm election results that increased hopes for a peace deal between the US and Iran. Investors expect Democratic control of Congress to pressure President Trump to pursue an agreement, which could ease Middle East shipping disruptions and increase oil supply, keeping prices under pressure in the short term. However, declining US oil inventories limit further price drops, as any new attacks on oil facilities could quickly push prices back up. Technical analysis suggests WTI oil may fall below $87, potentially dropping to $78, while Brent oil might head toward $90 after failing to break key resistance levels.
Oil prices plunged sharply after the US midterm elections, with Brent down over 9% and WTI over 8%. For readers following energy stocks, here is Pluang's market snapshot as of Nov 05, 2026 10:21 WIB: out of 79 priced Energy-sector US stocks, only 7 rose while 71 fell. Notable movers include NXT at USD 106.27 with a 1-day change of +10.67%, KGS at USD 42.01 down 9.73%, and CRGY at USD 11.77 down 9.53%.
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