# Brent crude falls 8.7% to $94.62, lowest since August, after US midterms: what it means for petrol

Source: Searchable (https://searchable.pk/news/markets/brent-crude-falls-87percent-to-dollar9462-lowest-since-august-after-us-midterms)
Type: News article
Author: Searchable Editorial
Published: 5 Nov 2026
Updated: 5 Nov 2026
Retrieved: 5 Nov 2026

> Oil had its biggest fall in months as traders bet a Democratic Congress will hasten the end of the Iran war. Pakistan's daily fuel price has already followed it down.

Brent crude fell **8.7%** on Wednesday to settle at **$94.62 a barrel**, its lowest close since 31 August, after Democrats took control of both houses of the US Congress in the midterm elections. US crude (WTI) dropped 8.3% to **$88.12**. It was one of the biggest one-day falls in oil this year, and it lands in Pakistan quickly: petrol was cut Rs 7.06 to Rs 362 a litre from Thursday under the daily pricing schedule ([today's petrol price](/news/economy/petrol-price-in-pakistan-today)).

## Why oil fell so hard

Traders are betting that a Democratic Congress makes a long war with Iran less likely. As Business Recorder reported from Houston, a weakened Trump facing a Congress able to limit his military options has more reason to seek a deal, and a full-scale assault on Iran now looks less likely to Gulf sources close to their governments.

Three things pushed in the same direction on the day:

1. **Trump said the US had no immediate plans to strike Iran**, in an interview with the Financial Times on Tuesday, and on Wednesday accepted that the war had played a part in his party's defeat.
2. **Vice President JD Vance blamed the war** for the election result and questioned whether it had been worth it, Dawn and ARY News reported.
3. **More crude is leaving the Gulf**, according to BOK Financial's Dennis Kissler, who also said a Democratic Congress could tighten US military spending in the Middle East.

Not everything points to calm. Iran's Supreme Leader Ayatollah Mojtaba Khamenei said US hostility would continue whichever party held power, and Yemen's Houthis said they had targeted King Khalid International Airport in Riyadh. Gulf analysts warned that a deal which leaves Trump looking defeated could provoke escalation as easily as restraint.

## What it means in Pakistan

- **Petrol and diesel:** prices are now reset every day. A sustained Brent price in the low $90s, against $104.77 on Monday, gives room for further cuts if the rupee holds near Rs 276.7 to the dollar ([dollar rate today](/data/usd-pkr)).
- **The import bill:** Pakistan buys almost all of its crude and most of its petrol abroad, so every $10 off a barrel eases pressure on reserves and on the current account.
- **LNG this winter:** Pakistan LNG Limited is seeking two cargoes for December and January. Gas contracts are often priced off oil, so a lower Brent can lower the bill for those cargoes.

Track the pump price on our [petrol price data page](/data/petrol-price) (PSO's ex-depot Karachi price) and work out your monthly fuel bill with the [fuel cost calculator](/tools/cars/fuel-cost-calculator).

## What to watch next

Oil has swung $10 or more within days several times since the Iran war began, so one day's fall is not a trend. The next moves to watch are any US-Iran talks, Houthi attacks on Saudi targets, and whether OPEC+ responds to the drop.

## Frequently asked questions

**What is the Brent oil price today?**

Brent settled at $94.62 a barrel on Wednesday 4 November 2026, down $8.98 or 8.7%, its lowest close since 31 August.

## Sources

- Oil prices fall over 8pc (5 Nov 2026) (Business Recorder): https://www.brecorder.com/news/40447502/oil-prices-fall-over-8pc
- US Vice President JD Vance says Iran war is 'the reason we lost' midterms (4 Nov 2026) (Dawn): https://www.dawn.com/news/2042118/us-vice-president-jd-vance-says-iran-war-is-the-reason-we-lost-midterms
- Govt Announces 3rd Big Decrease in Petrol Price (4 Nov 2026) (ProPakistani): https://propakistani.pk/2026/11/04/govt-announces-3rd-big-decrease-in-petrol-price/
- JD Vance blames Iran war, inflation and Israel ties for Republican midterm defeat (ARY News): https://arynews.tv/jd-vance-blames-iran-war-inflation-and-israel-ties-for-republican-midterm-defeat

How to cite: "Brent crude falls 8.7% to $94.62, lowest since August, after US midterms: what it means for petrol", Searchable, 5 Nov 2026, https://searchable.pk/news/markets/brent-crude-falls-87percent-to-dollar9462-lowest-since-august-after-us-midterms