Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
Traders bet Democratic control of Congress will increase pressure for a diplomatic exit, sending Brent and West Texas Intermediate sharply lower.
- Vice President JD Vance blamed the war against Iran for Republican midterm election reversals on Wednesday, as crude oil prices tumbled amid volatile trading.
- The war, which disrupted global energy supplies for eight months, sent gasoline and diesel prices skyrocketing, making inflation worse for consumers; 59% of voters told NBC News on Tuesday they were "very concerned" with fuel costs.
- European Brent fell below $100 per barrel for the first time since October 7, translating to a nearly $9 drop, while West Texas Intermediate crude slipped 7% to about $89.
- President Donald Trump acknowledged the war's toll on consumers, saying people "really probably werent willing to do the short-term consequence of paying more for gasoline" despite supporting his Iran policy.
- Patrick De Haan, analyst at GasBuddy, noted that oil's fall could bring the national average price of gasoline below $4 in the "days ahead" as markets remain volatile awaiting diplomatic developments.
252 Articles
252 Articles
Oil prices stabilized during the beginning of Thursday's dealings, after declining by about 8% at the previous meeting, amid investors' bets that winning Democrats in the mid-term American renewal election could speed up efforts to end the American-Iranian war.
NEWS HEADLINES: Oil prices plummet after blue wave in midterm elections – One America News Network
Vessels transit the Hormuz Strait off the coast of Iran’s southern port city of Bandar Abbas on September 7, 2026. (Photo by ATTA KENARE / AFP via Getty Images) OAN Staff Addie Davis4:26 PM – Wednesday, November 4, 2026 Oil prices plummeted following the pivotal midterm elections that saw sweeping blue wins across many states, including in key battleground races. On Wednesday, crude oil costs dropped by roughly $8 per barrel from the day prior, …
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