Oil plunged 7% on Nov 2 to about $96 a barrel on U.S.-Iran diplomacy hopes. Will WTI close below $90 by Nov 6?
Community missed this one โ 87% predicted NO.
WTI crude oil fell below $90 a barrel on Wednesday, November 4, 2026, settling at $88.12, an 8.3% single-day drop, after Vice President JD Vance publicly blamed the Iran war for Republican losses in the midterm elections, according to CNBC. The move extended a sharp slide that had begun two days earlier, when oil plunged 7% on November 2 on hopes for U.S.-Iran diplomacy, and brought WTI down from roughly $104 a week earlier to the high $80s by midweek.
Traders read the Democratic takeover of Congress and the administration's public acknowledgment of war fatigue as increasing the odds of a near-term settlement with Iran, which would reduce the risk of supply disruptions through the Strait of Hormuz. Prices then partially recovered: by Friday, November 6, WTI had rebounded to close back around $90.83 a barrel, according to EnergyNow, as some of the diplomatic optimism cooled.
So WTI did close below $90 within the question's window, even though it ended that window essentially back at the $90 threshold.
Predict Six's community put just 13% odds on a sub-$90 close, making this one of the bigger misses in the batch: most members expected oil to hold above $90 given the scale of the rebound narrative, but the Wednesday low slipped under that mark before prices recovered.