Oil prices rise after Trump’s Republicans defeat in US midterm elections

Oil prices rose on Wednesday, November 4, 2026, as investors awaited Washington’s next move in the United States-Israeli war on Iran, after Democrats ‌captured control of Congress from President Donald Trump’s Republicans in the midterm elections.

Brent futures rose 76 cents, or 0.7%, to $104.36 a barrel at 0730 GMT, while US West Texas Intermediate crude futures gained 63 cents, or 0.7%, to $96.72, reversing earlier declines.

In the previous session, ​Brent settled at its lowest level in nearly four weeks as traders weighed talks to end the ​wars in Ukraine and Iran.

Vote counting was underway in the US midterm elections, with Democrats snaring ⁠majorities in both houses of Congress for the rest of Trump’s second term.

The head of market insights at Phillip Nova, Priyanka Sachdeva, said: “President Trump’s conflicting signals, with military ​strikes continuing alongside statements downplaying further escalation, have made it difficult for traders to build strong directional conviction.

“I believe some profit-taking and reduction in speculative long positions are justified, particularly after the sharp rally in October.

“However, the underlying supply disruption risks around the Strait of Hormuz have not disappeared. An unexpected ​drawdown in US crude inventories is also offering some fundamental support.”

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The United States had carried out strikes ​on Iran’s Qeshm island targeting surface-to-air missiles used against US assets.

A US official said on Tuesday that the strikes ‌appeared ⁠limited and did not signal a return to major combat operations.

Markets remained on watch for any progress in talks to end the US-Israeli war with Iran, as Qatar stepped up mediation efforts to avert an escalation of attacks after the US elections.

A senior Iranian official told Reuters on Tuesday that Iran and the United States remain far from ​a deal to end their ​war.

Trump ⁠told the Financial Times on Tuesday that the United States had no immediate plans to strike Iran.