# Crude Prices Drop Below $100 as Trump Loses US Elections

> Brent and WTI crude hit two-month lows after Trump's US midterm election loss.
- Title: Crude Prices Drop Below $100 as Trump Loses US Elections
- Summary: Brent and WTI crude hit two-month lows after Trump's US midterm election loss. Brent crude fell to $94.12 a barrel and WTI to $87.51 a barrel as Trump lost…
- Keywords: brent crude, wti crude, us midterm elections, trump, iran war, oil prices, gulf states, energy markets, us congress, democrats, republicans, iran
- Source: Indiatimes — https://timesofindia.indiatimes.com/business/international-business/crude-crashes-below-100-brent-wti-hit-over-two-month-lows-as-trump-loses-us-midterm-elections/articleshow/135555678.cms
- Author: Shivanghi Payal
- Published: 2026-11-05T02:01:00+00:00
- Read time: 2 min
- Topics: brent crude, wti crude, us midterm elections, trump, iran war, oil prices, gulf states, energy markets, us congress, democrats, republicans, iran
## Crude Prices Fall Below $100
Oil prices continued to ease on Thursday, with Brent crude and US West Texas Intermediate (WTI) tumbling below the $100-per-barrel threshold.
## Brent Crude Drops to $94.12
Brent slipped below the $95-per-barrel mark, while WTI fell below $90, as markets reacted to political fallout from US midterm elections and Iran war concerns.
## Market Reaction to Election Results
Brent crude futures fell 50 cents, or 0.53%, to $94.12 a barrel, while WTI crude declined 61 cents, or 0.69%, to $87.51.
## Election Outcome Impact
The latest movement follows Wednesday's sharp sell-off, when both benchmarks lost more than 8% and settled at their lowest levels in over two months.
## Trump Faces Pressure on Iran
With Republicans losing control of Congress, Trump could face greater pressure to end the US-Israeli war with Iran.
## Gulf States' Mediation Efforts
Two sources close to Gulf government circles told Reuters that the weakened political position gave Trump greater reason to pursue a negotiated settlement with Iran.
## Iran's Stance on US Politics
Iran's Supreme Leader Ayatollah Mojtaba Khamenei said American hostility would continue regardless of which party was in power.
## Yemen's Houthi Attack
Yemen's Houthis claimed to have targeted King Khalid International Airport in Riyadh.
## Qatar Steps Up Mediation
Diplomatic efforts to prevent another escalation have gathered pace, with Qatar stepping up mediation following the US elections.
## US Oil Stockpiles Decline
US oil stockpiles recorded a decline last week, dropping by 865,000 barrels to 409.8 million barrels in the week ended October 30.
## Energy Market Concerns
The United Arab Emirates is also looking at ways to reduce its reliance on the Strait of Hormuz, considering a third oil pipeline.
## Trump's Election Reflection
Trump acknowledged that the conflict had contributed to his party's sweeping defeat in the midterm elections.
## Vice President's Stance
Vice president JD Vance questioned the decision to enter the war on Wednesday, distancing himself from it and blaming the conflict entirely for the Republicans' electoral setback.
## Market Consequences
Both contracts recorded their lowest closing levels since August 31, with Brent ending at $94.62 a barrel and WTI at $88.12.
## What Happens Next
The market reaction came after Republicans lost control of Congress, raising expectations that Trump could face greater pressure to bring the US-Israeli war with Iran to an end.
## Key takeaway

Brent crude fell to $94.12 a barrel and WTI to $87.51 a barrel as Trump lost US midterm elections, triggering market reactions to potential Iran war resolution.