According to CoinMeta, oil prices fell below $103 on November 4th. With the Democrats gaining control of Congress, Trump stated that there were no immediate plans for Washington to launch a new round of strikes against Iran, which alleviated market concerns about a military escalation. According to Reuters, Brent crude oil futures dropped by 1.44% to $102.11 per barrel, while US West Texas Intermediate (WTI) crude oil fell to $95.20, a decrease of 0.93%. Despite tight US inventories, the decline in oil prices reflects the market's re-evaluation of the geopolitical situation.