Oil Heads for Its Worst Week Since 2020 as Brent Falls Below $100
Direct answer
Oil prices are heading for their worst week since 2020. On Friday, November 6, 2026, Brent crude, the main international benchmark, was down 74 cents, or 0.8%, to $97.55 a barrel by 0826 GMT, according to Reuters. US crude, known as WTI, was down 73 cents, or 0.8%, to $89.79 a barrel.
Brent is on track for a 16% fall this week. That would be its steepest weekly percentage fall since the start of the COVID-19 pandemic, and its biggest fall in dollar terms in LSEG data going back to 1988. WTI is set for a weekly fall of more than 13%.
What happened
The slide began on Wednesday, November 4, when oil fell about 8% in a single day after the Democratic Party swept the US midterm elections. Traders bet the result raised hopes of an end to the US-Israeli war on Iran, which could bring more crude exports from the region. Brent settled that day at $94.62 a barrel, a two-month low, as covered in an earlier post on this site: Oil Prices Crash About 9% as Midterm Result Raises Hopes of an End to the Iran War.
Prices then bounced back on Thursday as a surge in tanker attacks in the Gulf and the Strait of Hormuz renewed worries about supply flows from the region. Data from Britain’s maritime security agency, UKMTO, suggested attacks on oil-carrying ships are still running at close to record pace.
Friday was a choppy, see-saw session, with Brent moving in both directions before settling below $100. Reuters also reported signs of an emerging crude oil glut, with spot premiums for Middle Eastern crude benchmarks returning to levels seen before the conflict began.
For scale, Brent had settled at $117.64 a barrel on Friday, October 30, 2026. A 16% weekly fall from that level shows how fast the market has repriced the risk of a supply disruption.
Why it matters for beginners
Oil is a basic input for transport, food production, and many goods, so a sharp oil move can feed into fuel prices and into inflation, the general rise in prices. When oil falls, petrol and diesel costs can ease, which can help household budgets. When oil rises, those costs can climb again.
A weekly fall does not set the price at the pump on its own. Fuel prices also depend on refining, transport, taxes, and local competition, and they often move more slowly than crude oil. Still, a 16% fall in a week is very large, and it shows how quickly politics and war risk can move energy markets.
For beginners, the lesson is simple. Oil prices react to expectations about supply, not only to supply itself. If traders expect less disruption, prices can fall even before any deal is signed. If talks fail or attacks on ships continue, prices can jump back just as fast, which is why Friday’s session swung in both directions.
What to watch next
Watch whether US-Iran talks produce a real agreement, or whether officials walk back the softer tone. A market bet is not a peace deal, and a senior Iranian official has already told Reuters that Iran and the US remain far from one.
Also watch attacks on tankers near the Strait of Hormuz. Continued attacks would keep a floor under prices, because the strait carries a large share of the world’s seaborne oil. Finally, watch where Brent closes the week. A close above $100 would be the first since Tuesday, while a close below it would confirm the market’s new, lower range.
FAQ
What is Brent crude?
Brent crude is the main international oil benchmark. It is priced from North Sea oil and is used as a reference for oil sold in Europe, Africa, and much of Asia.
What is WTI crude?
WTI stands for West Texas Intermediate. It is the main US oil benchmark, priced at Cushing, Oklahoma, and it usually trades below Brent.
What does a 16% weekly fall mean?
It means the price of Brent crude is about 16% lower than it was at the end of the previous week. It is measured across the trading week, Monday to Friday, and it is one of the largest weekly falls on record.
Why did oil fall if the war is still going on?
Oil fell because traders changed their expectations. The midterm result made traders think an end to the war had become more likely, so they removed part of the extra price they had added for war risk. The war itself has not ended, which is why prices remain volatile.
Does cheaper oil mean cheaper petrol straight away?
Not straight away. Pump prices follow crude oil with a lag, and they also reflect refining costs, transport, and taxes. A sustained fall in crude usually helps, but a one week fall alone does not guarantee it.
Sources
Reuters, Oil set for sharp weekly drop after US midterms raise hopes of more Mideast crude exports, November 6, 2026: https://985theriver.com/2026/11/05/oil-set-for-sharp-weekly-drop-but-middle-east-supply-concerns-provide-floor/
Dow Jones Newswires, Oil Slides Below $100 a Barrel, With Focus on Iran Outlook After U.S. Midterms, November 6, 2026, via Morningstar: https://www.morningstar.com/news/dow-jones/202611064389/oil-slides-below-100-a-barrel-with-focus-on-iran-outlook-after-us-midterms-update
This article is for general information and education only. It is not legal or financial advice.
