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Crude Oil Prices Fall, What the U.S. Midterms Mean for Brent

By :   Razan Hilal, CMT , Market Analyst
November 4, 2026 1:30 PM

Crude oil prices have pulled back more than 11% from October highs, in line with U.S.-Iran negotiation hopes and shifting U.S. midterm expectations.

Razan Hilal, StoneX Media Market Analyst, breaks down the Brent and WTI daily charts, the support zones in focus and what the daily RSI is showing. Expectations of stronger congressional oversight after the U.S. midterm elections may also be adding to the selling pressure, though it is still premature to call a lasting geopolitical shift.

A deeper pullback in Brent crude would align with a broader de-escalation narrative around the Middle East conflict and the U.S.-Iran war. The daily RSI has dropped below its 50 neutral mark after a pullback from overbought levels, a pattern that preceded notable reversals in March, July and September. Gold, silver, Bitcoin and U.S. indices are recording bullish reversals as forward-looking markets react to the midterms, while WTI crude oil holds above its multi-month uptrend support.

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