Oil Prices Have Stabilized At Reasonable Levels

• 10.11.2026, 19:26

The U.S. election caused Brent prices to fall below $90 per barrel.

The price of Brent crude fell below $90 per barrel for the first time since early fall, having lost 24% since the beginning of the month. The market is pricing in the possibility that the U.S. military operation in the Middle East may come to an end following the Democratic Party’s victory in the congressional elections. The collapse in oil prices had a limited impact on the ruble exchange rate, as current prices remain favorable for the Russian currency. Moreover, the market does not expect a further sustained decline in oil prices.

According to data from the ICE exchange, on November 10, the price of the nearest-month Brent crude oil contract fell to $89.26 per barrel, its lowest level since August 31. This was 3.6% below the previous day’s closing price. A steady decline in prices began at the start of the month, and during this time, prices have lost nearly 24%, falling back to early-September levels, reports “Kommersant”.

Active short-selling in the oil market began ahead of the U.S. midterm congressional elections. On November 3, the Democratic Party won the elections. All analysts had expected this outcome, as public opinion polls indicated a sharp drop in support for current U.S. President Donald Trump and the Republican Party. However, few expected the Democrats’ dominance to be so overwhelming: they won 259 of 435 seats in the House of Representatives and 54 of 100 seats in the Senate.

The Democrats’ victory reduced the risk of a new round of escalation in the Persian Gulf (through which a significant share of the world’s oil is supplied), as they advocate for a swift end to the conflict in the Middle East.