Brent settles at $94.62 as traders bet on an end to the Iran war
Brent fell 8.7% on Wednesday to its lowest settlement since 31 August after Vice-President JD Vance blamed Republican losses on the war. Gold rose 3.4% to $4,073.
Source published · In the Daily Brief of 5 November 2026
West Texas Intermediate fell 8.3% to $88.12. Senate Minority Leader Chuck Schumer pledged to end the war, and President Donald Trump told the Financial Times he had no immediate plans to step up the fighting. Trend-following funds cut long Brent positions to about 55% from 73% during the session, according to Kpler’s Bridgeton Research Group.
Bloomberg reported that flows through the Strait of Hormuz are near pre-war levels, and JPMorgan estimated a surplus of 1.4m barrels a day in October. Others are less sure. Bob McNally of Rapidan Energy Group said escalation is more likely, and US diesel stocks are below 100m barrels for the first time since 2003.