Global oil prices saw a sharp weekly decline as of Friday’s trading (November 6, 2026), with investors weighing the risks of a potential resurgence in military conflict between the United States and Iran following the U.S. midterm elections.
Brent crude futures closed slightly higher, up US$0.03 at US$98.32 per barrel, while West Texas Intermediate (WTI) rose US$0.31 to US$90.83 per barrel. Despite these daily gains, Brent plummeted by more than 16% over the week, and WTI fell by nearly 13%—reflecting a dramatic shift in market expectations regarding geopolitical risks and the security of global energy supplies.
Concerns over a potential escalation in conflict continue to loom over the market following the conclusion of the U.S. midterm elections. Bob McNally, founder and president of Rapidan Energy Group, estimates an 80% probability that hostilities could resume—a scenario he suggests could push both Brent and WTI prices above US$100 per barrel. Conversely, there is some hope for a diplomatic resolution, following reports that Iran has submitted a proposal regarding its nuclear program to Washington via Qatar. These developments have left investors cautious, as the possibilities for both peace and war remain equally plausible.
Meanwhile, the security of oil transit routes in the Middle East has returned to the spotlight, following reports from Iran of three additional attacks on oil tankers in the Strait of Hormuz on Thursday. Data from the United Kingdom Maritime Trade Operations (UKMTO) further indicates that incidents involving commercial vessels remain at near-record levels.
This situation has heightened concerns regarding potential disruptions to oil shipments through one of the world’s most critical energy corridors. Consequently, the future direction of oil prices is expected to be heavily influenced by developments in U.S.-Iran negotiations, security in the Strait of Hormuz, and political decisions made by Washington following the election.
Source: Newsmaker.id