Oil Prices Fall as Investors Weigh U.S. Midterm Results, Iran Risks — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is down 2.6% to $100.86 a barrel.

--European benchmark gas falls 2.3% to 89.51 euros a megawatt-hour.

--Copper futures are down 0.2% to $14,008 a metric ton.

--Gold futures are up 2.8% to $4,050.20 a troy ounce.

TOP STORY:

Oil Prices Fall as Investors Weigh U.S. Midterm Results, Iran Risks

Oil prices extended losses Wednesday as investors weighed the Democratic sweep of Congress in the U.S. midterm elections and what it means for President Trump's approach to Iran, amid uncertainty over whether Washington will pursue diplomacy or renew military strikes.

Front-month Brent crude, the global oil benchmark, fell 1.9% to $101.65 a barrel in a volatile session. West Texas Intermediate futures, the U.S. benchmark, declined 1.9% to $94.33 a barrel. Both benchmarks were up earlier in the day.

Democrats won control of both chambers of the U.S. Congress in Tuesday's midterm elections, flipping Republican-held seats in several states, according to The Wall Street Journal. The results could introduce additional constraints on Trump's agenda, particularly around funding overseas military operations and other foreign policy commitments.

OTHER STORIES:

Wind-Energy Stocks, One of Trump's Least-Favorite Sectors, Gain Ground

Trump famously hates wind turbines, calling them "big ugly windmills." His administration slashed subsidies for green energy, stepped up trade barriers and raised permitting hurdles as it pursued an "energy dominance" agenda centered on fossil fuels.

The stock moves Wednesday reflect broad optimism that the worst may be over for the green industrial complex, rather than any concrete good news, said Harry Braithwaite, industrials sales at research firm Oxcap Analytics. A Democratic Congress wouldn't be able to extend federal tax credits for green energy, for example.

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Gold Climbs on Softer Dollar, Falling Treasury Yields After U.S. Midterms

Gold prices extended gains on Wednesday, jumping back above $4,000 a troy ounce on a softer U.S. dollar and falling Treasury yields after Democrats swept the U.S. midterm elections.

In midmorning trade in Europe, gold futures climbed 2.8% to $4,052.50 a troy ounce. Other precious metals followed suit, with silver futures gaining 4.7% to $52.11 an ounce and platinum up 2.4% to $1,464.10 an ounce.

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European Gas Market Braces for Trump's Next Move on Iran After Midterms

European natural-gas prices retreated after Democrats' sweeping victory in Tuesday's U.S. midterm elections, while traders now wait to see whether President Trump will pursue diplomacy with Iran or resume strikes.

The Dutch TTF front-month contract, Europe's benchmark, fell 3.7% to 88.19 euros a megawatt-hour in afternoon trading on Wednesday, reversing earlier gains.

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Iran Turns to Guerrilla Tactics in Bid to Reassert Grip on Strait of Hormuz

DUBAI--Iran is using everything in its arsenal to try to stop the flow of oil leaving the Strait of Hormuz, resorting to guerrilla tactics to shore up the regime's fast-eroding position in the conflict and pile pressure on the Trump administration in deadlocked negotiations.

Tehran has launched bomb-laden undersea drones, fired rocket-propelled grenades and deployed crews to attach limpet mines to ships over recent weeks, part of an asymmetric campaign targeting vessels that shuttle oil out of the Persian Gulf to waiting tankers, according to regional officials, security firms and analysts.

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Andersons to Buy Harvestone Low Carbon Partners for $915 Million

Andersons agreed to buy low-carbon ethanol producer Harvestone Low Carbon Partners for $915 million in a deal that expands the diversified agricultural company's renewables platform by more than 40%.

Andersons is buying Harvestone from Energy Capital Partners, the infrastructure investment platform of U.K. middle-market private equity, credit and infrastructure firm Bridgepoint Group BPT.

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Clean Energy, Wind and Solar Stocks Up After Democrats Sweep Midterms

Clean energy stocks climbed Wednesday, after the Democrats took control of both the U.S. Senate and House in a stunning midterm victory.

The change in the balance of power for President Trump's final two years in office removes the threat of a legislative repeal or further clawback of the Inflation Reduction Act, a legislative package signed into law by former President Joe Biden in 2022, which in part aimed to reduce carbon emissions with subsidies for speeding the build-out of renewable-energy projects.

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BP Names Shell's Emma Lewis as Head of Downstream Business

British energy major BP named Emma Lewis as head of its downstream business, completing its organizational restructuring intended to simplify how it operates and speed up decision making.

Lewis will head the unit that houses refining and terminals, as well as BP's mobility and convenience, and fuels businesses.

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McDonald's Profit Climbs Despite Continued Sluggish Domestic Sales

McDonald's reported higher profit and revenue in the latest quarter, as solid performance across much of its international business offset continually sluggish sales in the U.S.

The burger chain posted third-quarter net income of $2.49 billion, or $3.51 a share, compared with $2.28 billion, or $3.18 a share, in the year-earlier period.

MARKET TALKS:

Soybeans Extend Losses As StoneX Raises Yield Estimate -- Market Talk

1031 ET - Soybeans remain under selling pressure after StoneX raised its yield estimate for the 2026 harvest to 55 bushels per acre from 54.1 bpa in October. "StoneX did a mic drop and posted even bigger numbers than what was thought already big," Gary Sandlund of Futures International says in a note. "It creates supplies as far as the eye can see." Along with StoneX's higher corn yield estimate, it leads one to wonder if a real crop failure is ever possible again, given new genetic seeds and fertilizer usage, he adds. "The demand side of the coin needs to get in the game given these yields. Yes, it's been good in recent weeks but not good enough." Soybeans are down 0.7% on CBOT. Corn gains 0.3% and wheat is up 1%. (anthony.harrup@wsj.com)

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Oil Futures Extend Retreat Following U.S. Midterms -- Market Talk

1013 ET - Crude futures extend losses to a third session in the wake of the U.S. midterm elections in which Democrats won control of the Congress. "The Democratic control of congress could also tighten U.S. military spending in the Middle East and further heighten the possibility of a peace deal sooner than later," Dennis Kissler of BOK Financial says in a note. "Larger crude oil exports out of the Middle East along with President Trump stating he has no immediate plans to strike Iran is keeping the pressure on crude oil prices for now." WTI is down 2.8% at $93.36 a barrel and Brent falls 2.7% to $100.82. (anthony.harrup@wsj.com)

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Slower Data Center Builds Could Crimp Natural Gas Demand Growth -- Market Talk

0909 ET - The impact on U.S. natural gas of Democratic midterm election wins is likely to be limited, Eli Rubin of EBW Analytics says in a note, as the Trump Administration retains control of the Department of Energy and EPA, and has presidential veto powers. A direct impact on natural gas and electricity could be a slowdown in data center construction in Texas, Georgia and Ohio under Democratic governors, he says. "Even if the pace of new data center construction merely slows down across multiple states as permitting times extend, our preliminary reaction is that the slower addition of new electricity demand may reduce projected power sector gas burn gains as much as 2 Bcf/d by 2030." Nymex natural gas is up 0.7% at $2.916/mmBtu in early trading.(anthony.harrup@wsj.com)

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Mexican Corn Purchases May Signal a Futures Low is Near -- Market Talk

0836 ET - The 1.73 million ton corn sale to Mexico announced Monday was the ninth largest single-day flash sale on record, and could be a sign that corn futures are near a bottom, Naomi Blohm of Total Farm Marketing says in a note. Another sale of 315,000 tons was announced to Mexico the following day. In six of the eight large single-day sales since 2020, China or Mexico "bought the low" and the sales were followed by rallies, Blohm says. "I'm guessing Mexico bought on value (cheap US corn!) along with wanting to get ahead of any El Niño threats that might affect South American production in upcoming months." Corn is up 0.1% in early trading on CBOT at $4.42 3/4 a bushel. (anthony.harrup@wsj.com)

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Democrats Lack Way to Prevent Resumption of Fighting With Iran in Near Term -- Market Talk

1200 GMT - Given the low levels of U.S. inventories, a brief escalation in the U.S-Iran conflict could see oil prices peaking at around $130 a barrel, Allianz analysts write. A Democratic-controlled Congress will have limited ability to prevent President Trump re-escalating the war with Iran in the near term, though from January it could freeze funding, the analysts say.Ultimately, the President could use a veto to limit the ability of Congress to prevent short-term military action, Allianz says. (adam.whittaker@wsj.com)

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Oil Prices to Come Under Pressure if Midterms Outcome Halts Iran Escalation -- Market Talk

1126 GMT - Oil prices will come under increasing downward pressure in the continued absence of escalation in the Middle East, Deutsche Bank analysts write. President Trump has said no attack is imminent and has acknowledged that the war helped drive a Democrat victory in the midterms, they note. The market is pricing a large imminent risk premium of re-escalation and energy supply disruption but if this doesn't happen, prices will come down, they say. Front-month Brent crude, the global oil benchmark, is down 1.3% to $102.30 a barrel in a volatile session. West Texas Intermediate futures, the U.S. benchmark, slips 0.7% to $95.33 a barrel. (adam.whittaker@wsj.com)

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Palm Oil Ends Lower, Weighed by Persistent Oversupply -- Market Talk

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November 04, 2026 11:11 ET (16:11 GMT)

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