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TODAY'S MARKET INTELLIGENCE

Crude Oil Plunges Over 12% Weekly, Worst Since Pandemic as War Premium Collapses

Published: 2026-11-07 11:11:00Category: financeHeat: 90

English summary

International crude oil suffered a rare plunge this week, with WTI and Brent falling over 12%, marking the largest weekly drop since the pandemic. The decline was driven by the rapid unwinding of Middle East geopolitical risk premiums following US midterm elections and signs of oversupply. Although prices rebounded slightly on Friday due to Trump's statements regarding Iran, the overall trend has shifted from bullish to bearish, with key support levels under pressure.

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