Business · Markets · 4 hrs ago
US stocks fall as tanker attacks push oil prices higher
US stocks fell sharply after Democrats won control of Congress in Tuesday’s midterm elections.
Investors worry the new Congress could tighten rules on data centers, slowing infrastructure projects that support the AI boom.
The Nasdaq dropped 5.46%, its biggest daily fall since April 2025, while the S&P 500 and Dow also fell.
The sell-off hit chipmakers, including Nvidia, whose chief executive Jensen Huang’s fortune fell by about $15.1 billion.
The market moves also spread to Europe and Asia, where technology-heavy South Korean shares fell more than 5%.
Oil prices climbed after new tanker attacks in the Gulf revived fears that supplies could be disrupted; Brent crude rose 3.88% to $98.29 a barrel.
The conflict with Iran began in February, and analysts warned that further escalation could push Brent to $110–$125; the new Congress is due to take office in January.
US stocks fell sharply on Thursday as investors worried that election results could slow artificial-intelligence infrastructure projects.
Oil prices rose after new attacks targeted tankers in the Gulf, renewing concerns about supply disruptions.
The Nasdaq fell 5.46% to 24,315.02, its biggest daily decline since April 2025.
Brent crude rose 3.88% to $98.29 a barrel, while US West Texas Intermediate gained 2.72% to $90.52.
At least five ships have reported incidents since Sunday, according to the UK Maritime Trade Operations agency.
- Who
- US stock markets and oil markets were affected. Tankers in the Gulf were targeted.
- What
- US stocks fell sharply while oil prices rose after new attacks on tankers.
- When
- Thursday, November 5, 2026. At least five ships reported incidents since Sunday.
- Where
- US stock markets and the Gulf region.
- Why
- Investors worried that election results could bring tighter rules for AI data centers. Tanker attacks raised concerns about oil supply disruptions.
This story does not have two clearly opposing sides.
Brent and West Texas Intermediate fell by more than 8%, reaching their lowest settlement levels since August 31.
Democrats won control of Congress in the midterm elections.
At least five ships reported incidents, according to the UK Maritime Trade Operations agency.
The Nasdaq fell 5.46% and oil prices rose after new tanker attacks.
- Nasdaq close
- 24,315.02, down 5.46%
- S&P 500 close
- 7,353.65, down 4.32%
- Dow Jones close
- 51,513.43, down 3.45%
- Brent crude
- $98.29 a barrel, up 3.88%
- West Texas Intermediate
- $90.52 a barrel, up 2.72%
- Reported ship incidents
- At least 5 since Sunday
What people are saying
The sell-off appears to be a capitulation phase.
Price movements seem exaggerated, particularly among semiconductor companies.