Oil prices recovered part of their post-election losses on Thursday, November 5, as traders reassessed the outlook for the U.S.-Iran war after Democrats won control of Congress.

Brent crude futures settled at US$98.29 a barrel, up about 3.9 per cent, according to Reuters and The Wall Street Journal. The Journal reported that West Texas Intermediate futures rose 2.7 per cent to US$90.52. Its report identified the contracts as January Brent and December WTI.

The gains followed a much larger decline on Wednesday. Reuters reported that Brent had closed at US$94.62, down 8.7 per cent, while WTI settled at US$88.12, down 8.3 per cent. Both benchmarks remained below their levels before that selloff despite Thursday’s recovery.

Wednesday’s retreat reflected investor bets that the Republican losses could increase pressure on President Donald Trump to seek an end to the war, Reuters reported. That interpretation was a market expectation, not confirmation of a diplomatic agreement.

The outlook remained contested. In its Wednesday report, Reuters cited a senior Iranian official who said the countries remained far from a deal. It also reported differing analyst assessments of whether the election result made an agreement or renewed escalation more likely.

By Thursday, Reuters described investors as refocusing on uncertainty over the war’s future course. The rebound therefore interrupted the immediate downward price reaction to the election rather than extending it.

The distinction matters when comparing the two sessions: Wednesday’s steep fall and Thursday’s partial recovery were separate trading outcomes. The prices reported here are those sessions’ futures settlements, not live quotations or forecasts of where crude will trade next.

Sources