Brent crude closed the week at $98.32 a barrel on Friday, down more than 16% from $117.64 the previous Friday, as traders bet that the outcome of the US midterm elections opens the way to a deal with Iran. US West Texas Intermediate settled at $90.83, down nearly 13% on the week. Brent gained three cents on Friday and WTI added 31 cents, but both benchmarks still recorded their steepest weekly falls in years. Brent's drop was its sharpest weekly fall since the start of the Covid pandemic, according to Reuters.

The sell-off was driven by hopes of de-escalation with Iran. A deal could bring more Iranian oil back to world markets, easing supply fears that had pushed Brent above $100 a barrel during the summer. Traders also pointed to diplomatic efforts, including a Qatari proposal reported by Reuters, and to the weaker demand outlook implied by falling prices across the week.

Friday's session was steadier, with attacks on tankers in the Gulf keeping a floor under prices, and a stronger dollar after the US jobs report acting as a small headwind for crude. Oil is priced in dollars, so a firmer greenback makes it more expensive for buyers using other currencies.

Attention now turns to next week. The US consumer inflation report is due on Tuesday 10 November, and OPEC is scheduled to publish its monthly oil market report on Wednesday. Traders will watch both for clues on demand and on whether producers respond to the sharp fall in prices.

[Source: financefeeds.com](https://financefeeds.com/brent-crude-oil-price-98-32-saturday-week-ahead-us-iran-deal-bets-cpi-10-november-bull-105-bear-93/) | [Source: globaleconomycharts.com](https://globaleconomycharts.com/2026/11/07/gold-silver-week-november-6-2026-jobs-report-etf-flows/)