Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
- 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.
261 Articles
261 Articles
Following the Democrats' victories in the US midterm elections, expectations that the war with Iran could end have strengthened. Brent crude oil prices fell by approximately 9 percent overnight, dropping below $100 per barrel, bringing their loss since the beginning of the week to around 20 percent.
Oil falls for a fourth day on expectations for lower risk of Iran war escalation - Regional Media News
By Siyi Liu SINGAPORE, Nov 5 (Reuters) - Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump's Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the US-Israeli war on [...]
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.
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