November 5, 2026 — Global oil prices fell sharply after the US midterm elections, with Brent crude dropping below $100 a barrel as investors weighed the possibility of renewed diplomatic efforts to end the conflict involving Iran.
Brent futures for January delivery fell approximately 4.7% to $98.76 a barrel during trading on November 4, while US West Texas Intermediate crude declined to around $91.73.
US Election Impact
The decline followed Democratic victories in both chambers of the US Congress, a political setback for President Donald Trump.
Investors interpreted the election results as potentially increasing pressure on Washington to pursue a negotiated settlement with Iran.
Trump had also indicated that the United States had no immediate plans for additional strikes against Iran, helping ease concerns about further disruptions to Middle Eastern oil supplies.
Implications for Pakistan
Lower international crude prices could reduce Pakistan’s petroleum import bill if the decline is sustained.
However, domestic petrol and diesel prices also depend on exchange rates, taxes, refining costs and government pricing decisions.
Oil markets remain sensitive to negotiations with Iran and the security of shipping through the Strait of Hormuz, a major route for global energy supplies.