Oil prices recorded their steepest weekly decline since 2020 on Wednesday following the Democratic Party’s victory, which gave Democrats control of both chambers of Congress. Brent crude and U.S. West Texas Intermediate futures fell approximately 3% intraday, with Brent trading between $100 and $102 per barrel and WTI between $93 and $95. Markets are anticipating a de-escalation in U.S.-Iran tensions, reducing the geopolitical supply premium embedded in crude prices. The probability of oil reaching a new all-time high by December 31 is now priced at 8.5%, while the probability for April 1, 2027, has fallen to 20.5%.
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