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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·
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Energy Market Briefing Wednesday, November 4, 2026

1. Headlines

Oil prices are in a sharp selloff today. As of this afternoon, WTI crude is trading at $88.14, down $7.95 (-8.27%), while Brent crude is at $94.70, down $8.90 (-8.59%) (Source 4). The primary driver cited across financial reports is a shift in the political outlook for the Iran war following U.S. midterm elections. Sources including OilPrice.com and Rigzone report that a Democratic sweep of Congress has increased market expectations for a negotiated end to the conflict, which has constrained global oil and gas flows for months (Source 4, Source 6, Source 14). President Trump and Vice President Vance were quoted blaming the war and high gasoline prices for Republican election losses (Source 4).

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