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Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
Brent and West Texas Intermediate sank as traders weighed a possible diplomatic settlement and a 5.27 million-barrel drop in U.S. crude stocks.
- 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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Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
Oil prices tumbled more than $4 a barrel on Wednesday in volatile trading as investors awaited Washington's next move in the US-Israeli war with Iran after President Donald Trump's Republican Party lost control of Congress in midterm elections.
·London, United Kingdom
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Coverage Details
Total News Sources5
Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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