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● LIVE Updated 17m ago · 11 sources tracked

Oil Falls as Traders Parse Iran War Outlook After Midterms

Crude oil prices dropped at Monday's open, with Brent declining 84 cents to $97.48 a barrel and West Texas Intermediate falling 32 cents to $90.51 a barrel. The retreat follows US midterm election results where Democrats won Congress, alongside comments from US President Donald Trump stating he is highly unlikely to order new Iran attacks while conflict resolution talks advance. Despite the downward pressure on prices, both nations continue to report attacks on ships in or near the Strait of Hormuz.

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⚡ Key Developments & Real-Time Context
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  • ✓ Brent was down 84 cents, or 0.85%, to $97.48 a barrel at Monday's open.
  • ✓ West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel at Monday's open.
  • ✓ US President Donald Trump stated he was highly unlikely to order new Iran attacks while talks to end the conflict make progress.
  • ✓ Both nations reported attacks on ships in or near the Strait of Hormuz.
🛡️ Source Corroboration: 11 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

Oil prices declined at Monday's market open following statements from US President Donald Trump that new attacks on Iran are unlikely.

Live updates

  1. Oil Falls as Trump Says New Iran Attacks Unlikely

    Crude oil prices dropped at Monday's open, with Brent declining 84 cents to $97.48 a barrel and West Texas Intermediate falling 32 cents to $90.51 a barrel. The retreat follows US midterm election results where Democrats won Congress, alongside comments from US President Donald Trump stating he is highly unlikely to order new Iran attacks while conflict resolution talks advance. Despite the downward pressure on prices, both nations continue to report attacks on ships in or near the Strait of Hormuz.

    Why it matters

    The recent drop in energy markets follows a period of heightened volatility driven by US midterm election outcomes and the ongoing conflict involving Iran. Prices previously hovered near higher thresholds, with Brent settling at $93.52 following the congressional shift. Market participants are heavily weighing diplomatic progress against lingering regional maritime threats.

    What is confirmed

    • Brent was down 84 cents, or 0.85%, to $97.48 a barrel at Monday's open.
    • West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel at Monday's open.
    • US President Donald Trump stated he was highly unlikely to order new Iran attacks while talks to end the conflict make progress.
    • Both nations reported attacks on ships in or near the Strait of Hormuz.
    • Brent crude settled at $93.52 on 4 November 2026 after Democrats won Congress.

    Still unconfirmed

    • Traders are betting that the Iran war is winding down following the Democratic midterm sweep, placing crude on track for its worst week since 2020.

    What to watch next

    • Further developments in US-Iran diplomatic talks and peace negotiations.
    • Official confirmations regarding security and attacks on shipping vessels in the Strait of Hormuz.
    Sources used for this update (14)
    1. www.thehindubusinessline.com — Stock Market Today Highlights, October 28: Sensex declines 353 points dragged by Reliance, IT stocks, rising crude oil prices
    2. Bloomberg.com — Oil Edges Higher as Progress on US-Iran Talks Remains Mixed
    3. WSJ — Oil Prices Rise as Investors Weigh U.S. Midterm Results, Iran Risks
    4. CNBC — Oil falls on Iran war uncertainty, US Democrats' midterm sweep
    5. Financial Times — Oil prices tumble below $100 on post-election peace hopes
    6. NBC News — Oil prices drop below $100 for the first time in nearly a month
    7. admiralmarkets.com — Brent Crude Oil Price After the US Midterms: Why Brent Fell Towards $93.50
    8. www.cnbc.com — Oil rises on Iran war uncertainty after Trump's Republicans ...
    9. www.cnbc.com — Oil price today: Brent, WTI - CNBC
    10. www.marketscreener.com — European Midday Briefing : Shares Fall as Tech Selloff Intensifies
    11. finance.yahoo.com — Oil prices fall below $90 as traders bet on Iran war ending ...
    12. www.cnbc.com — Oil falls as Trump says new Iran attacks 'unlikely'
    confidence 100%
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