Crude Oil Falls More Than 8%

2026-11-04 15:51 By Agna Gabriel 1 min. read

Crude oil fell over 8% to around $88 a barrel on Wednesday, extending losses for a third consecutive session and reaching its lowest level in one month.

Prices remained under pressure as investors assessed prospects for de-escalation in the US-Israeli conflict with Iran following the Republican Party’s losses in the midterm elections.

President Donald Trump said Washington had no immediate plans for further strikes, although he stressed that the US remained prepared to act if necessary.

Meanwhile, diplomatic efforts led by Qatar and Pakistan continued, with Qatari officials expecting responses from both sides on proposals to resolve the conflict, despite reports that negotiations remain far from an agreement.

Supply dynamics also weighed on prices, as renewed Gulf exports pushed Middle Eastern oil availability above near-term demand for the first time since July.

In the US, however, crude inventories fell by 865,000 barrels last week, marking their fifth consecutive weekly decline.



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