COMMODITY
Crude oil futures end sharply lower amid hopes for end to US-Iran war
Nov-05-2026

Crude oil futures closed sharply lower on Wednesday following a positive market reaction to the Democrats’ decisive midterm election victory, which fueled expectations that the Trump administration could face mounting pressure to bring the war with Iran to an end. Meanwhile, the American Petroleum Institute (API) reported that U.S. crude oil inventories fell by 5,267,000 barrels in the week ending October 30, defying market expectations for an increase of 2,100,000 barrels. This followed a decline of 2,031,000 barrels in the previous week. 

Benchmark crude oil futures for December delivery declined by $7.97 or 8.29% to settle at $88.12 a barrel on the New York Mercantile Exchange. Brent crude for January delivery slipped by $8.98 or 8.67% to settle at $94.62 a barrel on the New York Mercantile Exchange.


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