Brent crude falls to about $97 after 16% weekly plunge
The gist
Brent crude fell 1.3% to $97.01 a barrel and WTI declined 0.7% to $90.17.
The slide follows a Democratic midterm sweep and easing U.S.-Iran strike fears.
How it unfolded
- Oct 22, 2026Brent futures gained 4% to close at $113.17 a barrel, the highest since May 4; WTI settled at $99.47.
- Oct 28, 2026Brent rose 1.3% to close at $115.32; WTI gained 2.9% to settle at $102.78.
- Nov 3, 2026Brent traded at $110.45 a barrel, about $45 higher than a year earlier.
Key terms
- WTI
- A light, sweet crude oil grade and benchmark price traded on NYMEX, also called Texas light sweet.
- midterm sweep
- US general elections held near the midpoint of a president's four-year term, when all House seats and about a third of Senate seats are contested.
Source: Wikipedia