On 5 November 2026, Brent crude futures traded at $93.63 a barrel, down about one dollar, while U.S. West Texas Intermediate (WTI) settled at $87.13, marking a 1 % decline for both benchmarks.
The price retreat continued a sharp slide that began earlier in the week, after Brent lost nearly 8 % on Wednesday and slipped below the $100 mark for the first time since early October. The market had peaked near $118 on the previous Friday before falling to $103.60 on Tuesday.
The dip coincided with the Democrats’ sweep of Congress in the US midterms.
Vice President JD Vance attributed the Republican losses to concerns over a possible Iran war, prompting traders to weigh a diplomatic path. Qatar’s increased mediation role and President Trump’s statement that the United States has no immediate plans to strike Iran helped calm escalation fears.
Despite the optimism, Iranian officials say negotiations remain distant, and US sources told Axios that the military is still finalising preparations for a potential large‑scale operation.
Physical constraints in the Strait of Hormuz continue to influence pricing, keeping crude above pre‑February levels. Murban, the physical Gulf crude, quoted at $100.90, still carries roughly a $7 premium over Brent futures, indicating tighter on‑shore supplies.
Overall, oil remains above $100 per barrel, but the recent moves suggest markets are responding more to diplomatic signals than to immediate conflict risks.
