Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
Democrats’ congressional takeover and renewed Iran diplomacy pushed crude lower as traders priced in a smaller risk of supply disruption, analysts said.
- 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.
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353 Articles
Only this Wednesday, the price of the Brent fell almost 9%, to 94.62 dollars per barrel, following the victory of the Democrats in the U.S. mid-term elections, winning the majority in the House of Representatives and in the Senate
The possibility of peace in the Middle East hit both the oil and the dollar.
Oil prices were mixed in Asian trading. US crude fell, while Brent crude rose slightly but remained below $100 per 159-liter barrel. Oil prices fell sharply after the US midterm elections, after US Vice President JD Vance blamed the Republicans' defeat on a war with Iran.
Brent slides nearly 8.6% as traders bet on Iran war ending after Republican midterm losses
Oil prices have plunged as traders increased bets on an end to the Iran war after the White House linked Republican losses in Tuesday’s midterm elections to the conflict. Brent crude fell $8.94, or 8.6%, to $94.66 a barrel at 1:06 pm ET, having touched its lowest level since September 4. The benchmark had traded […]
It was expected that a defeat for the Republicans in the midterm elections would have a positive effect on the oil price.
Donald Trump's defeat could defeat the maps of the war in Iran, the outcome of which weighs heavily on energy markets.
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