WTI crude closes down over 8%, market increases bets on cooling Iran conflict.

November 5 - According to Bitget market data, December-delivery WTI crude oil futures on the New York Mercantile Exchange closed down $7.97, a decline of 8.29%, at $88.12 per barrel; January-delivery Brent crude oil on London ICE closed down $8.98, a decline of 8.67%, at $94.62 per barrel, both hitting their lowest closing levels in more than two months.

According to reports from CNBC, Xinhua News Agency and others, after Democrats secured control of Congress in the midterm elections, the market increased bets that the Trump administration would seek to end or de-escalate the Iran conflict; Vice President Vance subsequently posted, "The reason we lost is this war," further strengthening de-escalation expectations. In Asian morning trading, the WTI front-month contract fluctuated narrowly around $88.2.