Crude oil prices continued their decline for a fourth day on Thursday, November 5, following a steep 9 percent plunge in the previous trading session. The decline came as global markets reacted to the losses US President Donald Trump's Republican Party suffered in the Congressional elections this week. The electoral setback increased speculation that growing pressure within the Republican Party might compel the Trump administration to seek a negotiated settlement to end the ongoing conflict with Iran.
At around 9.35 am, Brent futures fell 0.62 percent at $94.03 a barrel, while US West Texas Intermediate (WTI) slipped 1.13 percent to $87.12 a barrel. In Wednesday's session, Brent futures had settled 8.7 percent ($8.98) lower at $94.62, and WTI dropped 8.3 percent ($7.97) to $88.12. Both benchmarks reached their lowest settlement levels since August 31.
Following the defeat, Vice President JD Vance acknowledged in a detailed post that widespread voter discontent regarding the war and current US-Israel relations played a major role in Republican party's poor performance.
Senate Minority Leader Chuck Schumer, a Democrat, meanwhile, reaffirmed his commitment to ending the conflict in the near future.
"Markets are assessing the impact of the midterm elections to Donald Trump's next steps with the Iran war, pricing in more likelihood for the war to end," said June Goh, senior oil analyst at Sparta Commodities.