Canada Commodities: Oil Prices Fall as Democrats Take Back Control of US Congress

09:56 AM EST, 11/04/2026 (MT Newswires) -- Crude oil prices fell for a third straight day as Democrats seized control of the US Congress in Tuesday's mid-terms, and raised hopes that there might be progress on a diplomatic solution with Iran. West Texas Intermediate December crude oil futures, the US benchmark, fell 3% to $93.16 per barrel. January Brent oil futures, the international benchmark, dropped 3% to $100.53 a barrel. According to Al Jazeera, the Iran-backed Houthis launched attacks in several regions in Saudi Arabia, including the international airport in Riyadh. Iran's leaders also warned that they would strongly retaliate to US-Israel attacks, the news agency reported. Comex gold December futures advanced 3% to $4,057.70 per ounce as the US dollar weakened after the midterm results. In agricultural commodities, December wheat futures climbed 0.5% to $6.02 per bushel, while canola futures for January fell 1.4% to CA$771.20 per tonne.