Answer in brief
As of 4 November 2026, Brent crude traded below $100 a barrel for the first time since 7 October, and US WTI fell about 8% to near $89, according to NBC News. Outlets tie the drop to the US midterm results and to mixed signals on Iran; levels shifted through the day.
Brent below $100 for the first time since 7 October
As of 4 November 2026, Brent crude futures traded below $100 a barrel for the first time since 7 October, and US benchmark WTI slipped about 8% to near $89, NBC News reported at midday. Brent had reached $118 on Friday, NBC said, and oil is still up 65% since the start of the year.
The level depends on the hour. CNBC had Brent down 2.5% at $101.02 and WTI at $93.61 earlier in the session, while FXStreet put WTI near $87, down about 9%, at 17:39 GMT.
Reasons outlets give: US midterm results and Iran signals
Reporters tie the move to the Democratic win of the House and the Senate. NBC News wrote that traders were watching for signs that the result would push President Donald Trump to end the war with Iran without a major escalation. FXStreet said the immediate trigger was unclear.
Signals were mixed. A US official described strikes on Iran's Qeshm Island as defensive, and Trump told the Financial Times the US had no immediate plans to strike Iran, CNBC reported. A senior Iranian official told Reuters the sides remain far from a deal. Priyanka Sachdeva of Phillip Nova pointed to profit-taking after October's rally, and Ole Hansen of Saxo Bank to recovering Middle East crude shipments.
Stocks and supply data behind the price
The US Energy Information Administration said commercial crude inventories fell 0.9 million barrels to 409.8 million in the week ended 30 October, 4% below the five-year average. The API had put the draw at 5.27 million, CNBC said. On supply, the seven core OPEC+ members kept December output targets unchanged on 1 November, Reuters reported, while the IEA and other forecasters warn of excess supply in 2027 if Gulf flows return to normal. That is analysts' description of a risk, not a forecast of the price.
Dates to watch: EIA on 12 November, OPEC+ on 29 November
The EIA weekly report moves from 11 November to Thursday 12 November at noon ET because of Veterans Day. The full 21-member OPEC+ group meets on 29 November, where analysts expect 2027 quotas to be set. Nobody can say from these sources where oil goes next, and quotes differ by hour. A personal decision tied to oil prices is a matter for a qualified adviser; this story suggests no buying or selling.
Questions and answers
Why are oil prices down on 4 November 2026?
Outlets cite the Democratic midterm win, which they say may raise pressure to end the Iran war, mixed US signals on strikes, and profit-taking after October's rally. FXStreet notes the immediate trigger is unclear.
Is Brent crude below $100 a barrel right now?
As of 4 November 2026 NBC News put Brent around $98 and WTI near $89 at midday. Other outlets recorded higher or lower figures at other hours, so check a live quote for the current level.
When does OPEC+ meet next?
The full 21-member group meets on 29 November, Reuters reported, with 2027 quotas expected on the agenda. The seven core members held December output targets unchanged on 1 November.