Brent swings below $95 on peace hopes, then back towards $98
Brent fell to $94.62 on Wednesday, its lowest close since 31 August, as traders bet the election would end the war with Iran. New attacks on tankers lifted it again, and it settled at $98.32 on Friday 6 November.
Source published · In the Weekly Review of 8 November 2026
The fall began on Monday, when Brent lost 7.63% on hopes of talks, and accelerated on Wednesday after the election, when trend-following funds cut long positions to about 55% from 73%, according to Kpler’s Bridgeton Research Group. JPMorgan estimated an oil surplus of 1.4m barrels a day in October.
At least five vessels reported incidents in the Gulf from Sunday to Thursday, close to October’s pace, according to the UK maritime agency. Eurasia Group cut its estimate of the chance of a deal with Iran to 10% from 20% and said escalation could push Brent to $110–125.