Oil falls, gold rises as markets react to US midterm results

Global markets reacted to US midterm election results, with oil prices falling for a fourth consecutive day and gold rising to a two-week high. The dollar weakened amid expectations of reduced military tensions with Iran.

Oil prices continue their sharp decline in global markets on the morning of Thursday, November 5, 2026, in reaction to the defeat of the US Republican Party and its leader Donald Trump in the midterm legislative elections held on Tuesday. The Democratic Party won a majority of seats in both the Senate and the House of Representatives, amid serious assessments that the result is due to opposition to the war on Iran and the economic crisis and high cost of living it has caused. The price of a barrel of US Brent fluctuated around $93, a decline of more than 18% in one week, with the possibility of a greater decline if no military surprises occur. The article does not mention the source of the assessments or additional details about the election results.