Crude oil prices hit one-month low; Brent crude oil falls below $102 per barrel

Crude oil prices have extended their fall on Wednesday after the US mid-term elections results, removed the uncertainty. Meanwhile, the situation in the Middle East remains largely stable, with no major attacks noted in the last 24 hours.

Brent crude oil prices traded 2.2% near to $102 per barrel on Wednesday after hitting intraday low of $101.6 per barrel, extending its losses for the third consecutive session. Similarly, the WTI crude oil prices also fell below $95 per barrel on Wednesday.

However, volatility is expected to persist in the crude oil market as investors try to asses the impact of the mid-term elections on the policy towards war in Iran. The election results show Democrats sweeping both the chamers of congress with majority.

This win is expected to halt President Trump’s legislative agenda of tweaking tax rules, clearing the funding for war purposes among others. President Trump said, if he would have been on ballot papers, he could have brought a clean sweep in the elections, reacting to the loss of republicans in the mid-term elections.

Iran’s Parliament speaker MB Ghalibaf, posted on X that americans have said no to war. He further stated that despite this, if the US government decides to continue the military offensive against Iran, it will face a nightmare.Meanwhile, Qatar’s Foreign Minstry spokesperson said that the US and Iran are working on the proposals put forward by the meditators.

Investors and oil market participants remain watchfull of events unfolding after the mid-term elections as media reports earlier indicated the the US would decide to take military action against Iran after elections. Despite saying that the US does not intend to attack Iran, it carried out defensive strikes in the Qeshem island in the Strait of Hormuz.

How have crude oil prices fared this week?

Brent crude oil prices have fallen nearly 10% this week, one of the worst fall since May 2026. After hitting six month highs of $117 per barrel in the previous week, Brent crude oil prices have pared all the gains made in the previous four weeks. Meanwhile, the oil producers in the region decided to continue with their production targets till December. OPEC+ (Oil Producing and Exporting Countries) nations announced two days ago that they will continue their production cuts until December as planned.