London (AFP) - Oil prices fell on Wednesday after Democrats won a majority in the House of Representatives and the Senate in the US midterm elections, in a political setback for President Donald Trump.

Published on: 04/11/2026 - 13:03

At approximately 10:45 GMT, the price of a barrel of Brent North Sea crude for January delivery fell by 1.25 percent to $102.31.

The price of a barrel of US West Texas Intermediate crude for December delivery fell by 0.74 percent to $95.38.

Brent has lost more than 13 percent since the beginning of the week, with markets renewed optimism regarding the ongoing diplomatic contacts in the Middle East after weeks of fears of escalation.

In response to a question from the Wall Street Journal about the extent to which the war in the Middle East contributed to the decline in Republican results, Trump acknowledged that “Iran was one of the factors,” and attributed this to the rise in oil prices more than to the war itself.

© 2026 AFP

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