OIL prices tumbled to multi-week lows while the ringgit strengthened against the US dollar on Thursday as the outcome of the US midterm elections fuelled expectations of growing pressure on President Donald Trump to end the war with Iran.
Brent crude futures traded below US$95 a barrel after plunging nearly nine per cent in the previous session, while US West Texas Intermediate (WTI) crude hovered around US$88 following a decline of more than eight per cent.
The sell-off pushed Brent to a two-month low and WTI to its lowest level in about a month, with the benchmarks shedding about 16 per cent and 15 per cent respectively so far this week.
The Democratic sweep of Congress has raised expectations that Trump's administration could face greater legislative resistance to continuing military operations in the Middle East.
Trump acknowledged that the Iran conflict had contributed to Republican losses, citing higher petrol prices as a factor, although he indicated no immediate plans to intensify military strikes against Iran.
A Democratic-controlled Congress could also seek to restrict funding for military operations, with Senate Minority Leader Chuck Schumer pledging to push for an end to the conflict.
Adding to downward pressure on crude prices, oil exports from the Persian Gulf have begun recovering, with supply exceeding near-term demand.
In currency markets, the ringgit strengthened against the greenback, with the US dollar trading at RM4.0527 on Thursday, down 0.26 per cent from the previous session.
The local currency has gained 0.84 per cent against the US dollar over the past month and 3.12 per cent over the past 12 months.
The US dollar index, which measures the greenback against a basket of major currencies, fell 0.39 per cent to 101.469 on Wednesday, its biggest daily decline in about a month.
The decline followed the Democratic electoral gains, as investors assessed the implications for US fiscal policy, regulatory oversight and the Federal Reserve's interest-rate outlook.
Markets have also reduced expectations of a December interest-rate increase, with the probability of a 25-basis-point hike falling to 77 per cent from 84 per cent a week earlier. - November 5, 2026
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