Oil prices fall amid Democrats' landslide victory in US midterm elections and US agreement to start talks with Iran
According to preliminary data, Democrats are gaining a majority in both houses of Congress, as even in the traditionally "Republican" states of Texas, Kansas, Iowa, North and South Carolina, Democratic candidates won. The distribution of seats between Democrats and Republicans in the Senate is likely to be 53:47, and in the House of Representatives - 250:195 in favor of Democrats.
The election showed that most of the US population does not support Trump's policies, and even the farmers who ensured his victory in the presidential election refused to support the Republicans, as the war in Iran led to rising fuel prices and higher logistics costs, which lowered grain prices.
January Brent crude futures fell 9.5% this week to $103.6/barrel (+5.9% for the month) on information that the US is ready for negotiations with Iran, and Trump does not want to start military action against the backdrop of a possible victory of the Democrats in the congressional by-elections.
Qatari Foreign Ministry spokesman Majed Al-Ansari said that Doha is working to conclude an interim agreement between the US and Iran to build trust and ensure that both sides fulfill their obligations, which will allow for de-escalation and a diplomatic solution to the crisis.
According to Al Hadath TV, the US has informed Qatari mediators of its agreement with a proposal to end the war with Iran. The draft agreement stipulates that Iran will make concessions on the nuclear issue in exchange for partial unblocking of frozen assets, but Iran has not yet confirmed this.
Despite the ongoing conflict between the United States and Iran, oil supplies from the Middle East are increasing. According to tanker tracking data compiled by Bloomberg, combined oil exports from Saudi Arabia, the United Arab Emirates, Iraq and Kuwait rose 10% in October to 15.53 million barrels per day, matching the supply levels recorded in January 2026 before the war.
